Things to Know If You Have to Manage a Parent’s Finances

If an elderly parent becomes unable to manage his or her finances, you may have to step in, and the process will be a lot easier if you have taken certain steps and made sure that certain information is available ahead of time. Here are a few things that you should keep in mind.

First, if your parent has not already done so, then you should speak to an experienced elder law attorney about executing a durable power of attorney. This will give you the authority to manage your parent’s finances in the event he or she becomes incapacitated.

Next, you will need to know where your parent’s financial records are kept, their bank account numbers, what their monthly bills are and how they usually pay them. If you take the time to collect this information before you think you need it, you will thank yourself later.

Finally, you should be aware of what your parent’s income and savings are and whether he or she receives Social Security and is eligible for Medicaid or Medicare.

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