Older relatives often have let their finances fall into disarray by the time you step in. Here's a primer on how to help right things without angering them.
If the onus is on you, here’s a primer on where to start. Even if you have financial power of attorney—an important tool—you have some work ahead of you.
In other cases, you may have to do some sleuthing to learn where the money is coming and going, wrestle with banks to get access to accounts, and perhaps have to deal with past-due notices or lapsed insurance coverage, all without upsetting your parents or making them feel they are losing control of things.Start by getting a sense of your parents’ financial history, their income and expenses.
Next, create another spreadsheet of bills that need to be paid, including routine bills such as utilities, credit cards and others. Start another tab for quarterly, semiannual and annual bills, such as property taxes and insurance. Meckley suggests you become a signer to bank accounts and other accounts, rather than a joint owner, as it could cause issues if you need to apply for Medicaid or other needs-based programs for your parents. “Just get that signing authority because it keeps everything clear regarding ownership,” she says.
Once parents are comfortable, automate bill paying as much as possible and review expenses. Check to make sure they are using the services and subscriptions they are paying for, such as streaming services or gym memberships.Just because you have financial power of attorney doesn’t mean you have to manage everything, says Alyson Nickse, partner at Crestwood Advisors.
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