The time will come for all of us. The time that we need to start to "parent" our parents. It's a hard subject to approach with family. There is a lot of denial and anger that goes along with passing the baton of control.
I am proud to say that my grandmother made it till the age of 94 before my mom stepped in and starting managing her money and other misc things.
When a parent or a loved one loses the ability to take care of daily tasks, its important to have a good system in place when you take over. Here are some simple tips to guide you on your process.
1. Set up all bills and financial statements online. Alleviate the mail that comes in to the senior.
2. Set up a box for the senior to place mail that they receive. If you don't have a mail station, it might end up getting lost. Be consistent.
3. Set up a portable filing system. Make sure that you have a copy of all important papers- medical, tax, bills, financial accounts, ect...
4. Take any important papers out of the home. I just had an instance in which the important papers that I set aside and located for the family where lost. Your parents/relatives might get confused and toss them. THIS IS REALLY IMPORTANT!!
5. Put together a list of monthly expenses, accounts, ect. Now is a good time to cancel some of the un-needed credit cards.
6. Identify the misc bills they have on a monthly or yearly basis.
7. Keep them in the loop at all times.
The most important thing to remember is feelings. This is a really hard time for a senior. No one wants to admit that they are going through changes and can't handle daily tasks. Be patient and treat them with respect.