When your parent has dementia, it can be difficult to discuss, but you owe it to them to get them the help they need. When someone has dementia, managing their finances alone is impossible, but they still have financial obligations to uphold. Are you noticing stacks of unopened mail, a decline in their cognitive ability, or a tendency to neglect their home or themselves? Trustee services in California are essential to help manage their finances.
At Marcia L. Campbell CPA, we have helped seniors manage their finances for years to provide everyone with peace of mind and help them make the most of their golden years. Learn more in our blog.
Related Article: How Do You Talk to an Aging Parent About Finances? Pt. I
Trustee Services in California: Managing Finances for a Parent with Dementia
From finding an attorney to prepae their legal documents to performing regular financial checkups and consulting with a fiduciary CPA, here is how you can manage finances for a parent with dementia and why personal fiduciary services are invaluable.
Related Article: How Do You Talk to an Aging Parent About Finances? Pt. II
Get Organized & Prepare Legal Documents
After having a candid conversation with your parents about the proactive financial measures they need to take as they show signs of dementia, start by helping them get organized. Documents and information you’ll need to locate include:
- Bank account information
- Brokerage account information
- Information on any other investments
- Information on any real estate owned
- Estate planning documents
- Insurance policies
- Passwords and usernames on all accounts
- Personal financial records that detail assets, debt, and spending
- Proof of ownership documents (e.g. registration and title)
- Retirement accounts information
Store this information in a secure location that is still easily accessible, like a safe, and only allow a few trusted family members to have access to these items. Then, help prepare and gather their legal documents for an attorney to review.
It is important to understand that time is of the essence. The easiest route you can take here is creating a power of attorney or trust before their cognitive abilities decline too severely to protect their assets and document their wishes.
During this process, designating and working with a private fiduciary to provide trustee services in California ensures you have someone in place who has ample expertise and experience managing this delicate financial situation.
“Without these legal documents, families often disagree over how to manage their parents’ finances and estate, resulting in costly litigation. If the court determines your parent is mentally incapable of designating a power of attorney, you have to navigate the expensive, complex, and time-intensive process of seeking conservatorship of your parent. In many ways, professional fiduciary services minimize stress and cost during an emotionally taxing time.” – Marcia L. Campbell, CPA for Seniors
Related Article: How Do You Take Care of Elderly Parents’ Finances in California? Pt. I
Review and Update Documents
Even after gathering, preparing, and organizing documents, you still need to review them regularly. A good rule of thumb is to review these documents at least annually or after major life events occur.
If your parents need to make any changes, they may need to consult with their attorney, financial advisor, or personal fiduciary to ensure the changes they make are legally binding.
Related Article: How Do You Take Care of Elderly Parents’ Finances? Pt. II
Regularly Check Their Financial Health
Unfortunately, seniors continue to be targets of scams because they have accumulated significant wealth from investments, retirement planning, and years of saving. Continuously check their financial health to protect them from scams and fraud.
During these checks, we advise carefully reviewing statements, reminding them of common scams, like identity theft, fake prizes, and insurance scams. We also advise carefully reviewing:
- Checks and documents and ensuring the signatures are your parents
- Ensuring their will or trust hasn’t been changed without their permission
- Ensuring they didn’t sign legal papers without knowing what they mean
One of the best ways to help prevent scams is by enlisting a professional trustee like Marcia L. Campbell to manage your parent’s assets and finances. They have a legal obligation to act in the best interest of your parent on their behalf.
Related Article: What Are the Elder Care Financial Service Options in California?
Consult a Private Professional Fiduciary for Trustee Services in California
Hiring private fiduciary services is one of the most effective ways to manage your parents’ finances when they have dementia because this is a tremendous responsibility.
These professionals can provide hands-on help to pay bills, prepare their taxes, manage and track expenses, provide daily money management, administer the trust per the trust document, and much more, providing everyone with invaluable peace of mind.
Related Article: Setting Up a Trust in California to Help Your Senior Parents
Need Help Managing Finances for a Parent with Dementia? Find a Professional Fiduciary for Trustee Services in California!
Trustee services in California can be an answered prayer if dementia is on the horizon for your parent and you are unsure how to manage their finances. They may be ready to enjoy retirement, but their financial situation still requires full-time management.
Do you need help managing your parent’s finances because they can no longer do so safely? Visit our Contact Page and schedule a consultation for CPA fiduciary services.
