Keeping Track of Your Aging Loved One’s Finances | Friendship Village of Schaumburg

Keeping Track of Your Aging Loved One’s Finances

As they age, some older adults may get overwhelmed by financial decisions. While they may be able to function normally in other aspects of their lives, simply balancing a checkbook can become difficult or confusing. It is important to know where they bank, with whom they have invested money and if they have made any long-term financial arrangements for future care.

Do they have a power of attorney or someone who has been appointed to take care of business in case of temporary or permanent disability? You may want to accompany your loved one on a visit to a financial planner to determine if they are using retirement funds in the wisest manner.

Talk to them about the importance of having the following documents in place to ensure that everyone knows their wishes:

  • Will
  • Durable power of attorney (for finances). A durable power of attorney ensures that someone will continue to be able to manage your loved one's finances after they pass away

For more information about power of attorney and to find downloadable forms, visit the AARP website.


Ready to take the next step? To learn more about how Friendship Village can help you and your parents Get Set 4 Life®, please call us at 847-490-6271 to speak with a Friendship Village Residency Counselor.