As people grow older, their ability to make sound decisions and manage their affairs may decline, leading to concerns about their safety and well-being. This decline makes them more vulnerable to poor or costly decisions that could jeopardize their well-being. Sometimes you need a conservatorship to protect your parents financially and personally.
There are a few common signs that you should consider a conservatorship for your aging parent.
1. Cognitive decline
Memory loss, confusion and an inability to make rational decisions can put their financial and personal well-being at risk. If your parent struggles to remember important details, regularly misplaces belongings or makes poor financial choices, you should consider a conservatorship. A conservator can help manage their finances, pay bills and ensure they receive the necessary medical care.
2. Neglect of basic needs
If your aging parent neglects their basic needs, such as neglecting personal hygiene, not taking prescribed medications or living in unsanitary conditions, it is a significant red flag. A conservatorship can be a lifeline to prevent compromising their health and safety.
3. Vulnerability to financial exploitation
Aging parents are often targets for financial exploitation, including scams and fraud. AARP reports that Americans 50 and older lost over $3 billion to cybercrime in 2021. A conservator can monitor their financial transactions, safeguard their assets and prevent them from falling victim to scams or unscrupulous individuals.
Before proceeding, discuss your concerns with your parent and other family members. Consider these risk factors and take steps to protect your parent and act in their best interest with a conservatorship.