Think of what causes you the most stress in life…finances are probably at the top of the list. As people age, finances can become more and more difficult to manage…particularly as the rigors of age set in.

While many elderly folks struggle with finances, they may not want to admit it to their kids or other loved ones and care givers. This means that you need to be on the lookout for signs that they are no longer able to handle their finances on their own.

Here are some things to look out for, which might be indications your parents or elderly loved ones need help with their finances.

 

Bill-Past-Due Notices

Take a glance at that pile of mail on the kitchen table or desk. Do you see a large amount of late or past-due notices mixed in with the bills? This might be an indication that there is financial trouble.

Failure to pay bills on time simply because they are forgetting that they are due or because there just aren’t the funds to pay for them is a pretty strong indication that there may be issues. Keep an eye out to see if it is simply a one-time thing or something that is happening on a regular basis.

 

Lack of Organization

Are your parents’ once carefully organized financial statements now spilling out of the junk drawer? Do you find advertisements mixed in with important paperwork like tax forms and checks?

This disorganization can be an indication that those skills are starting to slip and there is financial trouble on the horizon. If you find that the organization of important paperwork and documents are becoming an issue, then financial trouble may be next to follow.

 

Financial Mistakes

Bills being paid more than once, or large errors or discrepancies in a checkbook, may be an indication of trouble. These can be a little more difficult to spot since it probably isn’t routine for you to go searching through your parents’ or elderly loved ones’ checkbook.

A good indicator may be that there are wrong dates on checks that are given to you. It may be worth some investigation if this occurs on a regular basis.

 

An Abundance of Reminder Notes

Do you find to-do lists, notes with important dates or reminder post-it notes scattered all over the house? While it is normal for people to write things down and increase that habit as memory starts to fail, an overabundance of these can indicate that there is a problem.

Keep an eye out for notes scribbled indiscriminately or posted in odd or unusual places. This may be an indication that memory is failing and that even with the note keeping there could be issues showing up soon.

 

Need an Elder Law Attorney?

Do you need the help of an elder law attorney for setting up an estate plan or other related services? Then contact the experts at Stano Law group today.