Help Your Grieving Senior Loved One With Financial Decisions Using This Guide

Helping a senior loved one make important financial decisions after the loss of their spouse is difficult, but often necessary. Even for those older adults who have a will or end-of-life plans, a sudden loss can still leave the surviving spouse reeling as they try to figure out how to take care of everyday expenses, as well as manage things like their mortgage or health insurance on one income. Whether your loved one needs to make major decisions or small changes, it’s important to help them create a timeline to work out how urgent some tasks are.

Get Organized

The first thing your loved one will need to do is go through the bills that are due immediately and take a close look at their budget, so having your help will go a long way toward reducing their stress levels. It can be extremely difficult to manage financial tasks in the aftermath of such a loss, and figuring out a new budget will require a thorough hand. Sort the bills according to due date and how important they are, separating the ones that pertain only to the deceased so that accounts can be canceled in order to prevent fraud.

Enlist Aid from Home Services

Caring for an elderly parent can be overwhelming, but professional home services can provide the support they need to thrive while aging in place. At Home Senior Services offers a wide range of personalized care options, including companionship, assistance with daily tasks, and specialized care for conditions like dementia. With experienced caregivers focused on safety, comfort, and dignity, you can ensure your loved one receives the compassionate care they deserve – all within the familiarity of home.

Use Reverse Phone Lookup to Avoid Scams

Using reverse phone lookup can help you protect your grieving parent from potential scams during this vulnerable time. Scammers often target individuals dealing with loss, and by verifying unknown numbers, you can ensure that any incoming calls are from legitimate sources. For instance, this one can provide you with details on the 412 area code. This tool allows you to quickly identify suspicious callers, preventing your parent from engaging with deceitful individuals. It also helps you report these scam attempts, keeping your parent’s phone interactions safe.

Help Them Prepare to Retire

If your loved one is a business owner and is close to retirement, they might want to consider selling their business in order to free themselves of all the responsibilities that come with it and pad their savings. Before starting the process, it’s important that they obtain a professional valuation that includes all business properties and inventory; this will give your loved one a good idea of how much it’s all worth before they put it on the market. SmartAsset suggests looking up the guidelines from the social security administration to find out how much your loved one can expect to receive in retirement benefits according to their age, including benefits from their spouse.

Find Out if They’re Ready to Downsize

While many say that major decisions such as selling a business or making a move shouldn’t be executed immediately after the loss of a spouse, it depends on the situation. If your senior loved one is living with a disability or has mobility issues, or if their financial needs are dire, it may be crucial to start the downsizing process and sell their home. For many older adults, Nye Health Services points out that this process can be extremely beneficial, both financially and in terms of their mental/physical health.

Starting over in a new home can be challenging at times, but it can also allow someone who is grieving to get some distance from that part of their life. You can use an online calculator to help your loved one determine how much their home is worth, and set up an initial appointment with a realtor who can help find the perfect place.

Take Excellent Notes

Whether your loved one needs to sell their home or find out more about their social security benefits, it’s a good idea for you to write down questions and notes about the process. The weeks and months following the loss of a spouse can be foggy for many who are grieving, so having detailed notes will be extremely helpful down the road.

Helping a loved one who is deep in grief can be rather daunting at times. However, your presence can make a bigger difference than you think. Support them by organizing their finances, selling their business, and helping them plan for retirement and downsizing. Not only can your assistance reduce their stress levels, but you can also provide emotional support during the toughest tasks.

Experience compassionate care and trusted support with At Home Senior Services, helping seniors thrive in the comfort of home!