Review their monthly expenditures, both paper bills and electronic ones. Examine their mail for bills and bank and credit card statements. If they use online banking, ask them to review those accounts with you.

Expenses such as tax payments and insurance premiums may arrive annually, biannually or quarterly, so factor these and any other intermittent bills into your financial planning.

If your loved one is able to make financial decisions, encourage them to set up a financial Power of Attorney. This document grants you or another authorized party more comprehensive access to assist with money matters down the road. Consult with an attorney for assistance.

Gather details on pensions, annuities, retirement accounts and Social Security. Much of this information can be found on financial statements and tax returns; your loved one’s accountant or financial planner may be able to help. Some institutions may require you to go through their own process to be able to manage a loved one’s accounts.

Assist your loved one in applying for any services that can ease budget stressors, such as Veterans benefits, Social Security Extra Help, LIHEAP energy assistance, housing assistance, nutrition benefits or property tax relief. Services, such as home-delivered meals, may also be helpful.

If your loved one isn’t using auto-pay for regular bills, set up these payments wherever possible. Also, arrange for direct deposit of income such as dividends, pensions and Social Security payments.

Talk with your loved one about which services are still needed. If they are away from home for an extended time — such as during a long-term hospital stay — pause or cancel subscription services like cable, streaming and newspaper delivery.

Make a note of every expense paid and save the receipts. Careful record keeping is critical to accurate financial management. It may also help protect you against any accusations of financial abuse.

To ensure your loved one feels involved — and to prevent strife with them or any other family member — maintain an open dialogue about financial matters. Also, involve your loved one or other relatives in financial decision-making whenever possible.