According to Statistics Canada, people above the age of 65 will represent nearly 25% of the overall population by year 2036.
This percentage is triple the number of old age people back in 1960.
As people age, majority of Canadians will find themselves managing their parents’ funds. .
Outlined below are a few useful ways for you to handle your parents’ finances in an effective manner:
In case your parents own several bank accounts and have multiple investments, it is a good idea to reduce them. Consolidate the banking institutions and accounts to make them more manageable. Consequently, they will be able to gain from reduced fees and a more incorporated approach.
If your parents aren’t resistant to share their banking and other monetary details with you, they can always ask the financial authorities to provide you with copies of financial statements. This is much easier if your parents’ financial adviser(s) are quite aware that you are taking care of their client’s finances and will offer an added pair of supervision. Once you get that authority, look for signs of monetary abuse, including big transactions.
Create a Financial Information Organizer
It’s best to recapitulate all the accounts and advisory information pertinent to your parents’ finances. Come up with all the details of their insurance policies and see if they have maintained safety deposits. Moreover, you must have access to all crucial legal documentations and passwords of accounts.
Recruit a Financial Planner
It can be a valuable piece of information for your parents if a sound entity tells them that their money can expectedly outlive them. On the other hand, it could be useful for you to be aware if they may possibly require any kind of financial assistance. On a strategic level, hiring a financial planner can certainly help you in discovering investments, taxes or property strategies to help conserve your parents’ money.
While you may lend a helping hand in taking care of your parents’ finances, hiring professional services can prove to be immensely helpful.
With offices located in Toronto, Whitby and Mississauga, you can rely on us for credit debt help—consumer proposal, bankruptcy, credit counselling consultancy and more. Simply call us at (416) 900 2324 to have your financial concerns addressed.