Our caregivers, parents and loved ones have always guided us through life, but as they get older, it is now our responsibility to help guide them. As physically fit as they may remain, you may start to notice a cognitive decline. With financial matters being at the top of the priority list for an elder, it is crucial to make sure their wishes are in place before unfortunate changes set in.
Before you start seeing signs of their mental state causing concern, you should initiate conversation and develop a plan for their financial future. Starting early will have you and your loved ones feeling confident as they grow older, knowing they were still making decisions and electing whom they trust to make decisions on their behalf.
Putting legal documents in place, such as Power of Attorney, a Will and a living trust with named trustees is another important tip to help solidify your loved one's financial wishes. These documents are especially important for couples who are not in legally recognized relationships.
Dedicating time to sort through important paperwork is another helpful suggestion. Secure a safe location where all relevant paperwork can be easily accessible to your loved one but also to their caregivers.
Lastly, reach out for help! We are always here to help, especially when it comes to financial planning and helping transition during difficult times at home with financial wishes.
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