Call to schedule an appointment or house call

How can you help your parents manage their money?

On Behalf of | Jul 19, 2022 | Estate Planning

You may notice your parents making some financial mistakes due to their aging. Perhaps they are forgetting to pay bills or they are engaging in irresponsible spending. Slowing down a bit and losing some mental acuity is natural as we age, but this can leave folks susceptible to financial errors and exploitation

As an adult child, you may wish to help your parents as financial tasks become challenging. Luckily, there are several options in Massachusetts to enable you to do that.

What is the most common way to help elderly parents?

Aging parents often choose to execute a durable power of attorney. This document designates an agent that can act on their behalf to take care of financial, business and personal affairs. As long as your parents have the capacity to execute legal documents, they can name you as their power of attorney.

What if my parents are unable to execute legal documents?

If your parents do not have the capacity to execute legal documents you should consider a conservatorship. An adult child can appeal to the Probate and Family Court with a Petition for Appointment and a Medical Certificate. If a doctor attests to the parents’ incapacity and other interested parties are in agreement, the judge may appoint you as a conservator.

What if you do not wish to be a conservator?

The Massachusetts Caregiver Support Program is a free resource that can help you take care of your family members that need help. A caregiver specialist can help you put together a plan and provide tips and support for you.

Helping aging parents can be an overwhelming task. Massachusetts has more than one way to allow you to provide the assistance they may need.


FindLaw Network