Is money management an issue for your elderly relative?

Is money management an issue for your elderly relative?

On Behalf of | Jan 3, 2023 | Guardianships |

You remember a time when your elderly relative not only managed their own affairs, but provided help and support for the rest of the family. Unfortunately, age is something that nobody can escape and there will come a time when your elderly relatives are not as capable as they once were.

It’s difficult to recognize exactly when this time comes, but there are some signs. If your elderly relative is struggling with money management, how can you tell?

Carelessness with money

Your elderly relative has always been generous, but frugal at the same time. Recently, you’ve noticed that they have been making lavish purchases, which is highly unusual. You know they don’t have the budget for this, and if they do, the money won’t last long. They’ve also been giving excessive amounts of money away to family members, and you are all concerned. Carelessness with money is one of the first signs that your elderly relative may be struggling with money-management.

Signs of debt collection

On your most recent visit, your relative has mentioned that people have been calling and asking for money. In fact, a call occurs when you are present, and it’s definitely a creditor. You’ve also noticed a pile of unopened letters. Creditors may not consider the specific circumstances that the person is in, with their priority being to collect on the debt. If you notice signs of debt collection, it may be a signal that your relative’s finances have spiraled out of control.

What can you do to help?

Fortunately, there is assistance out there for elderly people who are struggling with money. One thing you may want to consider is setting up a guardianship. This means that a responsible third party can make financial decisions on behalf of the vulnerable individual. To find out more about this, make sure you seek some legal guidance.