If you're just starting to help your parents or loved ones with daily money matters, here are some key steps you should take:

  • Make sure your parents designate you their power of attorney so you have the legal right to make financial transactions and decisions for them
  • Make sure your parents designate you their health care power of attorney if you're going to be overseeing their care
  • Notify your parents' financial institutions about your POA status
  • Gather detailed information about your parent’s finances
  • Ease your way into their money matters by offering to help your parents with financial tasks, such as helping them set up automatic bill payments or filing tax returns
  • Monitor your parents financial accounts for late or missed payments, unusual transactions and signs of fraud

For more details on these steps and other steps you should be taking, see What You Need to Know About Being a Financial Caregiver.