As people age, they acquire a number of health conditions that affect their cognitive functions and physical abilities as well. Even the simplest everyday activities may become a struggle for aging parents. One of the most affected areas of life when people grow old is their finances. If your parents are showing signs of impairment, you must protect them.
Your parents may not agree with you when you first tell them that you think there is a problem. There is a chance that they might become upset. However, it is important to help them, or they might run into serious financial problems. Creating an estate plan is a good step. Speak to a Reno Probate Attorney today.
Signs your aging parent needs help with their finances
- Everyday activities are becoming cumbersome.
Everyday activities are those you do for your self-care, such as making and eating food, going to the toilet, bathing, cleaning, etc. It is a warning sign if even the simplest daily tasks are becoming a burden and struggle for your parents.
Take special care to notice whether your parents are able to look after themselves. If you see a lack of self-care, their money management might not be going too well either.
- Missed payments and late notices.
One of the first and most obvious signs of poor money management is when bills keep piling up on the coffee table, and your parents keep missing payments. If your father or mother says they forgot to pay the bill, it may indicate the forgetfulness that comes with aging. It is a big issue if your parents are receiving warning notices about their dues and still do not seem to care.
If your parents were responsible for paying bills when you were growing up but are now acting differently, they need help. Be wary of these signs.
- Creditors are calling.
When your parents become irresponsible about paying dues, the creditors might start calling on their phones. Check your parents’ phone call logs to see whether creditors have been calling. Creditors in Reno call from different phone numbers, so it is a good idea to notice whether your parents have been receiving calls from unknown numbers.
- Unusual spending habits.
Some people have unhealthy spending habits from a young age. However, if your parents were responsible about money a decade back but are now acting recklessly, there might be a problem. Notice how much money they spend on their lifestyle and buying gifts for others. Since old people do not have a rationale, they may spend on things they do not need.