6 Ways to Keep Your Elderly Loved One's Money Safe

Protecting the finances of the ones you love isn't easy, be they young or old. But it can be especially challenging for those assisting the elderly with their money. For most of us, we can't be around our aging loved ones all the time, and with new financial scams seemingly popping up all the time, it's hard enough to protect our own interests, let alone theirs.

With such a variety of scams out there lurking, it's not just our finances at risk but our entire identity. Before, such fraudulent activities were largely linked to phone or mail scams, but dangers these days are so widespread that it can be difficult to keep track of them all. There are things we can do however, to if not prevent, at least help protect the money of our beloved elderly.

Recordkeeping

Keeping records in a safe and secure location can be critical to maintaining the finances of an elderly loved one. You probably know how easy it is to lose track of your own bills, statements, and financial information during the course of a week or month, and when trying to keep up with someone else's, it can be even more mind boggling. A fire safe, file cabinet or similar spot where important documents can be filed in an orderly fashion and found easily can make it easier for you, as well as your loved one, to have quick access to financial information.

When getting rid of such documents, it is important to do so in a way that secures your loved one's information. Burning or cross-cut shredding documents with important financial information are typically the best ways to protect pertinent information from falling into the wrong hands when tossing it out.

Track Accounts & Mail

Keeping a calendar of when account statements or bills arrive can also help keep your elderly loved one's financial picture a bit clearer. This way you'll have a general idea of when particular items should be showing up in the mail so that if one should be missed, it will stand out quicker, allowing you to take action to find out if the item has been stolen or there is a problem with the account.

Free Credit Reports

Consider checking your loved one's credit reports on a regular basis. You can get a free annual report each from Equifax, Experian and TransUnion once a year. By reviewing these reports for outstanding issues or accounts that don't look familiar, you may be able to catch red flags regarding your elderly loved one's finances.

You can visit https://www.annualcreditreport.com for more information.

Get Them Protection

The more your loved one knows regarding scams and fraudulent activities, the better they can protect themselves and their finances. Consider getting them a phone with caller id so that they know who is calling before they answer. You might also want to have them register with the National Do Not Call Registry as well. And if they are computer savvy, consider having them use virus scan software to check their computer regularly for security issues that could affect the personal and financial data they have on their computer.

Ask Questions

People can find it embarrassing to talk or ask questions about money. It can therefore be important for you to ask them questions. Asking questions regarding investment options, where money is located, and talking about investment opportunities and risks, can get money issues out into the open where they may be dealt with and discussed.

Utilize the Internet

The internet can be utilized as an important tool for keeping track of an elderly loved one's finances through receiving online statements, conducting online banking, and utilizing financial tracking and organizing software. If such internet tools are a bit beyond an elderly loved one's abilities however, you can still assist them with money decisions by using the internet for financial information regarding investment options, scams and frauds.

One way to do this would be to utilize a search engine such as Google, and simply begin a search with the name of the fund, company or investment opportunity or strategy in which you are interested and then add "+ scam" minus the quotation marks, behind the name. Once your search results appear, you can read and consider what people say, noting that certain responses could be skewed toward a particular writer's or poster's personal opinions.

Disclaimer:

The author is not a licensed financial professional. The information provided in this article is for informational purposes only and does not constitute legal or financial advice. For financial advice, readers should consult a licensed financial advisor. Any action taken by the reader due to the information provided in this article is solely at the reader's discretion.