Five Ways to Protect Elderly Relatives

   As loved ones pass from the complete independence of middle age to the increasing needs of their golden years, family members often assist in a variety of ways.  In addition to the ways many readers are always protecting and providing for their older relatives, the following is a list of tasks to be considered to further aide them.

   1).  Organize Records.  As memories fade, it becomes more and more important to have clear records of bank accounts, insurance policies, investments and other financial interests.  While a loved one is still able to assist, it is beneficial to meet with them to discuss what that person has, what they are entitled to upon death, and where the records exist to verify the claim.  This information is also invaluable at the death of the relative, as mourning should not be delayed by confusion and, in some cases, conflict.

   2).  Review Beneficiaries.  The exercise of reviewing bank information presents an excellent opportunity to discuss and, if desired, assist in changing a loved one’s designation of beneficiaries for bank accounts, insurance policies and other transfers at death.  Remember to be sensitive to other family members and friends during this time and avoid the temptation to make changes for your own benefit without including other affected parties in the conversation.  Doing so creates the suggestion of malfeasance and often leads to proble ...