Home for the holidays? Signs mom or dad might need more help
The holiday season is known for a busy calendar, lots of eating, and heading home to see family. But what if you haven’t seen mom or dad in a few months and you find that they aren’t as on top of things as they once were? Is the mail piling up? Are there more packages than usual? Have they mentioned giving to a “charity” you’ve never heard of?
Are there unopened prescription bottles? Expired food in the fridge? Sometimes we chalk up forgetfulness to aging in general but it’s important not to ignore certain signs, especially where your parents’ safety is concerned.
Do you know who their financial advisor is? Where their accounts are held? If they have a life insurance policy? Where they keep the passwords for their online accounts?
If you notice mom and dad are slowing down, now is the time to ask the important questions… do they have stock certificates anywhere? Any annuities, long-term care policies, or life insurance? Where do they keep a copy of their Will and has their Power of Attorney been updated recently?
Unfortunately it is rare for me to get called by a family member before a serious decline or illness has occurred. And I know firsthand what that’s like, because people never expect tomorrow to be so drastically different from yesterday and all the days before. But when I couldn’t ask my father where he kept things or what decisions he wanted made, I had to figure it out for myself. Life doesn’t wait for that, you have your own responsibilities, job, bills, family…
So the next time you see your parents, the holidays or whenever that visit happens, go through their desk with them. Their mail. Ask them where they keep important documents. Do they have a scribbled slip of paper with passwords on it? Take notes yourself, the name of their banker, what financial institutions they use. Now would be a good time to add your email address to their bank account and set it up for alerts. I once had a client that declined so suddenly none of us were able to unlock his cell phone… which of course is where most passcodes are sent for two factor authentication.
Watch out for scams as well, check mom or dad’s cell phone… are there spam texts coming in? You can block messages from everyone outside of their contacts. Make sure they know not to give out their personal information to anyone they don’t know and to verify all requests!
And if this sounds daunting to you? Hire a daily money manager! We can come in for a visit, go through what you should know, and then you don’t need to call us again until you need us. But better too soon than too late.
Find a DMM near you at the American Association of Daily Money Managers website.
