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Simplifying and Organizing Your Loved One’s Finances

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Sandy Adams Contributed by: Sandra Adams, CFP®

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Caring for an aging loved one often means stepping into new responsibilities—including helping with finances. While rewarding, this role can feel overwhelming if accounts, documents, and wishes are scattered or unclear.

That’s why, during our 2nd Annual Longevity Virtual Conference, we hosted a special session on simplifying and organizing your loved one’s finances. The goal: give caregivers practical steps to reduce complexity and provide peace of mind. You can watch the replay here: Longevity Virtual Conference Replay.

Why Simplifying Matters

Over time, many older adults collect multiple bank accounts, retirement plans, and insurance policies. If someone else needs to step in suddenly, this complexity can cause unnecessary stress. Simplifying accounts, organizing documents, and clarifying wishes make it much easier for caregivers to focus on what really matters—caring for their loved one.

Five Key Steps for Caregivers

Here are the steps we recommend:

  1. Simplify accounts – Consolidate where appropriate and set up automatic bill pay.

  2. Organize documents – Gather wills, powers of attorney, insurance policies, and property records in one accessible place.

  3. Review titling and beneficiaries – Ensure accounts and insurance policies reflect current wishes.

  4. Create a financial overview – Summarize accounts, contacts, income, and expenses in a simple roadmap.

  5. Communicate openly – Talk with your loved one about their priorities and ensure financial plans align with their wishes.

A Call to Action

Caregiving is one of the greatest responsibilities we can have, but preparation is key. Start small: review one account’s beneficiaries, locate an important document, or begin a conversation with your loved one. Each step brings greater clarity and a sense of peace of mind.

To explore these strategies in more detail, we invite you to watch the full replay of our Longevity Virtual Conference session here: Longevity Virtual Conference Replay.

Simplifying now means less stress later—and confidence that your loved one’s financial wishes will be honored. If you or someone you know is struggling to support a loved one through this process and could use our assistance, please don't hesitate to reach out – we are always happy to help. Sandy.Adams@CenterFinPlan.com.

Sandra Adams, CFP®, is a Partner and CERTIFIED FINANCIAL PLANNER™ professional at Center for Financial Planning, Inc.® and holds a CeFT™ designation. She specializes in Elder Care Financial Planning and serves as a trusted source for national publications, including The Wall Street Journal, Research Magazine, and Journal of Financial Planning.

The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Any opinions are those of Sandy Adams, CFP® and not necessarily those of Raymond James. Investing involves risk and you may incur a profit or loss regardless of strategy selected.

Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC. Investment advisory services are offered through Center for Financial Planning, Inc.

Center for Financial Planning, Inc. is not a registered broker/dealer and is independent of Raymond James Financial Services.

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