4 Things Everyone Must Know To Control Finances For Aging Parents

Most of us recognize that legal means exist to assume control over an aging parent’s finances when their health declines. We use a legal document called a Durable Power of Attorney for that, so the aging parent will appoint someone to manage money if they become impaired. But that can quickly become a problem.

One of the most common issues we see at AgingParents.com, where we consult with families with aging loved ones, is about control over the elders’ money. A favorite son, who is not good with managing finances himself, is appointed just because the aging parent thinks he should be on the document. He helps himself to Mom’s bank account and siblings get outraged and accusatory. Unfortunately, this power to control another’s money is not hard to get, particularly as a person ages, has memory loss and may be easily manipulated. A predatory person can persuade an elder to revoke a prior, safe and valid document and then sign a new one with the predator’s name as agent.