How to help your elderly parents with their finances

May 23, 2019 by Ushir Shah

Our parents are our support structures for so much of our lives, but as they age, those roles tend to switch. We find ourselves caring for more and more parts of our parents’ lives, from their physical health to their finances.

Sometimes it’s necessary to have parents move into our homes so we can better care for them, or perhaps to an assisted living facility if they require around-the-clock medical attention. With each stage of this process comes financial considerations, and this often includes having to share expenses among siblings.

As my own parents get older, I’m beginning to take a more active role in their finances. Although they are perfectly capable of managing their own finances right now, there may come a time when my sister and I quickly need to step in and take over. When that happens, we can all rest assured knowing we all have the information we need and are well-prepared.

Managing one’s own finances can be daunting enough and factoring in another household is about more than simply taking over additional accounts. My sister and I use Namu to manage and track finances with our parents. Sharing a pod with them gives us access to parts of their financial lives we need to see as they get older. From managing the family estate to keeping track of expenses as they arise, Namu enables me and my parents to keep each other in the know and plan for the future.

When elderly parents are no longer able to look after their own finances, or even pass on, one sibling may rise to the task and take over. With Namu, everyone can stay in the loop with what’s going on whether one person takes the lead, or the responsibility is split among siblings. Namu helps families keep track of everything from one-off medical expenses to recurring bills. Wealth management tools make estate planning simpler, and when it’s time to make important financial decisions as a family, Namu gives each heir simple access to all the information they need.

Namu has been an invaluable resource for my family as my parents age. You can learn more about how it can help you and your parents share financial information, track expenses, and manage the family estate here.

 

Get Namu today to help with your finances!