While the condition of Alzheimer’s might take a different path for each person who is diagnosed with it, as a loved one of someone who is suffering, you should be prepared to know what to expect. As a Massachusetts elder lawyer can tell you, there’s a lot to think about when a family member’s cognitive condition grows worse. At some point, your loved one might not be able to function on their own anymore and might need assistance with managing their finances.
Early on, someone with mild symptoms of Alzheimer’s could potentially handle their own finances. But money issues are some of the first indications that the disease is getting worse and that outside intervention might be required. More complex financial tasks, like balancing their own checkbook, can prove nearly impossible for someone even with mild dementia.
For some people, the desire to maintain their independence might lead them to go to great lengths to conceal their problems. As a family member, there are a few things you can look for and take seriously when you spot. It might be time to activate the power of attorney for financial matters to allow someone else to handle those issues.
Here are signs that your loved one is struggling with finances:
- Unopened or unpaid bills
- A high number of new purchases made on a credit card
- Money missing from their account that cannot be explained
If you’re the one who is the power of attorney agent, although your family member might be nervous about allowing someone else to manage their finances, this is usually due to concerns over their independence. Engage the services of outside professionals to ensure that you approach this subject with care so that you can both protect your loved one and make them feel more comfortable with the changes in their life.
For more information, set up a time to speak with a lawyer in Massachusetts about elder law today.
