As our loved ones age, it’s not uncommon for them to experience a decline in mental abilities that can make it difficult for them to manage their finances effectively. If you have an elderly loved one, it’s important to be aware of the signs of diminished capacity. You need to be able to take action to help protect their financial well-being.
Signs of Diminished Capacity
Here are some signs that your loved one may be experiencing diminished capacity:
- Unpaid bills – Your loved one has always been prompt with their bill payments, but suddenly they start missing payments which is uncharacteristic of them. This may be a sign that they are struggling to manage their finances.
- Large withdrawals or unusual spending – If your loved one is making large cash withdrawals or spending money in unusual ways, they may be experiencing diminished capacity.
- Confusion or forgetfulness – Your loved one is struggling to remember important financial information, such as account numbers or passwords. They may also seem confused about their financial situation, which could be a sign of diminished capacity.
- Increased susceptibility to scams – If your loved one is suddenly more susceptible to scams, such as unsolicited phone calls or emails asking for money, it could mean that their decision-making abilities have been compromised.
- Relying on others more – Your loved may start relying more on family members or caregivers to help them with their finances, which is a sign that they are struggling to manage their own affairs.
What You Can Do
The first step is to contact your loved one’s doctor to discuss your concerns. You need to determine if there are any medical issues possibly contributing to their diminished capacity. It is advisable for you to contact an elder law attorney to discuss your family’s options. Should your loved one still experiences periods of capacity and lucidity, you need to take action to get legal documents like powers of attorney signed by them.
Call us, your Elder Law Attorneys
If you’re concerned about your loved one’s financial well-being, it’s important to take action right away. Our experienced team of elder law attorneys can help you. You don’t have to navigate the legal complexities of protecting your loved one’s finances on your own. Call us today at 724 546 4227 to schedule a consultation. Take the first step in protecting your elderly loved one’s financial well-being.