Seniors are at an increased risk of making poor financial decisions. They are often targeted by scammers and can lose substantial savings before realizing what’s happening. Whether they live in affordable assisted living for seniors or at home, you may feel it’s your responsibility to protect them. The following tips will ensure you can help prevent your aging parents from making serious mistakes.

Complete Essential Legal Documents

When considering assisted living options in Oklahoma City, you should complete essential legal documents to protect your loved one’s finances. A durable power of attorney gives you access to accounts in your parents’ names to conduct financial transactions in their stead. You can monitor their bank accounts to ensure money isn’t going to an unknown location. You may wish to take over paying their bills.

Consolidate Financial Information

Many elderly individuals don’t have their financial account information compiled in one location. They may not feel it’s safe or may not realize it’s essential. If your parents haven’t done so, talk to them about creating a list of assets and locations. This information will be invaluable if you must access their finances. Store this information in a safe place, such as a safe deposit box or other secure location.

Educate Your Parents About Scams

Individuals in affordable senior living in OKC may not be aware of scams, putting them at risk of falling victim. They may believe a mystery caller who claims to be a relative needing help or an organization they may have once supported. Spend time discussing common scams and how they happen so your parents know what to watch for if someone contacts them. Encourage them to discuss any donations or other assistance before moving forward so you can help them decide if it’s legitimate or a scam. 

Assess Their Money Management

Seniors often hesitate to discuss finances with their adult children. However, you must know the state of their finances to protect them from potential losses. Open the conversation from a place of concern, assuring them that you have no interest in claiming their money for yourself. Ask to see their bills and how they handle paying them. If your parents have cognitive impairments, offer to take over bill paying to assure them that their money is well-managed.

Work with Your Siblings

Family finances are always a challenging topic. You may have different views than your siblings about managing your parent’s money or whether you should help them. Hold a family meeting with your siblings or other family members close to your parents to discuss the best ways to manage their finances and choose the best person for the job. Selecting someone who lives nearby can be the easiest solution. If you disagree, consider talking to a financial advisor about the appropriate steps.

If your parents are in affordable assisted living in OKC, it may be time to help with their finances. Contact us to learn more about how families often handle this delicate topic.