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 older loved one, it’s important to be aware of the signs of diminished capacity so that you can take action to help protect their financial well-being. In the coming weeks, we’ll discuss some of the signs of diminished capacity, and what you can do if you’re concerned about your loved one’s financial situation.
Signs of Diminished Capacity
Here are some signs that your loved one may be experiencing diminished capacity:
1. Unpaid bills– If your loved one has always been prompt with their bill payments, but suddenly starts missing payments, it could be a sign that they are struggling to manage their finances.
2. Large withdrawals or unusual spending– If your loved one is making large, uncharacteristic withdrawals or spending money in unusual ways, it could be a sign that they are experiencing diminished capacity.
3. Increased confusion or forgetfulness– If your loved one is struggling to remember important financial information, such as account numbers or passwords, or if they seem confused about their financial situation, it could be a sign of diminished capacity.
4. 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 be a sign that their decision-making abilities have been compromised.
5. Increased reliance on others– If your loved one is suddenly relying more on family members or caregivers to help them with their finances, it could be 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 and to determine if there are any medical issues that may be contributing to their diminished capacity. You should also consider contacting an elder law attorney to discuss your family’s options. If your loved one is still experiencing periods of capacity and lucidity, legal documents like powers of attorney may be able to be signed to avoid court involvement.
If you’re concerned about your loved one’s financial well-being, it’s important to take action right away. We can help you navigate the legal complexities of protecting your loved one’s finances and make sound decisions. Contact us to schedule a consultation and take the first step in protecting your loved one’s financial well-being.
This article is a service of Stafford Law Firm. We do not just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love.