retirement

Caring for elderly parents' finances

Option of the last resort
Next
8 of 9
Back
Option of the last resort

You may have to go to court if you can't prevent a parent's overspending, and you have no option but to take control of their finances without their consent. The process is different in every state. Basically, with the help of an attorney you get a court appointment to take over your parent's finances as guardian.

Use the court system to take over your parent's finances only as a last resort. The legal fees can run into the tens of thousands of dollars, and the process can cause anger. You might avoid having to go to court by using mediation or negotiation, or by just putting it off a little longer. Then, when the parent finally admits he or she needs help, you can step in and take the burden of managing finances off his or her shoulders -- without causing mistrust and ill will.


 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
MORTGAGE HOME EQUITY AUTO CDs CREDIT CARDS
Product Rate Change Last week
30 year fixed, 0 point 4.28%  0.13 4.41%
15 year fixed, 0 point 3.30%  0.03 3.33%
5/1 ARM 3.30%  0.04 3.34%
 
View Rates in your area Search
Product Rate Change Last week
30K FICO-based HELOC 4.74%  0.01 4.75%
50K FICO-based HELOC 4.53%  0.02 4.51%
100K FICO-based HELOC 4.26%  0.02 4.24%
 
View Rates in your area Search
Product Rate Change Last week
60 month used car loan 2.86% --0.00 2.86%
48 month used car loan 2.79% --0.00 2.79%
60 month new car loan 2.94% --0.00 2.94%
 
View Rates in your area Search
Product Rate Change Last week
1 Year CD 0.90%  0.01 0.89%
2 Year CD 1.03%  0.02 1.01%
5 Year CD 1.59% --0.00 1.59%
 
View Rates in your area Search
Product Rate Change Last week
Balance Transfer Cards 15.67%  0.04 15.71%
Cash Back Cards 16.32%  0.04 16.36%
Low Interest Cards 10.91% --0.00 10.91%
 
Search
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

Blog

Jennie Phipps

Age 100: Bring it on

Boomers are hopeful of reaching 100; centenarians are surprised.  ... Read more

advertisement
Partner Center
advertisement

Connect with us