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Help Older Loved Ones Get Organized, Avoid Scams

Identify important documents and protect against fraud

Your loved ones aren't getting any younger, and the economy isn't getting any better. The two trends might have something in common, and that's why it is so important to help your family members organize their important financial documents, to learn more about their financial resources, and to help protect them against scams. What should you do to ensure the safety of your loved ones' financial security?

Get Organized
First, you've got to know what they've got. But where to start? I can't tell you how many adult children approach me and ask, "How can I possibly ask Mom and Dad about their finances without stirring up a hornet's nest?" And it is true; this family conversation is often the most difficult one. It is also, however, often the most important one.

One way to approach the topic of finances is to focus first on getting organized. It is critical to know where your folks keep important documents. This doesn't mean you are taking over. It merely means you are asking them to share information you might need some day.

One of the easiest ways to learn where important things are is to ask. Consider asking some of the following questions:

"Mom, where is your marriage certificate or birth certificate?"

"Dad, where are your military records, your pension papers, or your Social Security card?"

"Do you have a will or trust that the rest of the family should know about if anything were to happen to you?

A search for documents can lead to deeper conversations about where other important insurance or financial information is kept. Having all this information in one place can mean peace of mind. The process of gathering it can also help you get a true sense of your loved ones' financial assets.

Once you and your family have completed an inventory of where things are — and listed, for example, "the will is in the top drawer of the file cabinet, my bank accounts are in these three banks, and the deed to the house is in the upstairs desk" — you will find that your loved ones are organized, and you will have gained insight into their finances.

It might be that you end up going down memory lane with your family members as they search the attic, basement, cabinets, drawers, and closets for important documents, such as your parents' marriage certificate. Use these opportunities to share memories and stories of their past.

Remember, if they are still of sound mind, they are still in charge of their finances. You are there to help, NOT to take over. Tell them this often, so they don't feel threatened.

Protect Against Scams »

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