Hidden money and valuables may be a common occurrence in the home. In addition, Individuals tend to accumulate items that have sentimental value to the family over time. However, these tendencies may also be a sign that an older adult needs assistance.
These habits may make it difficult to locate items of value and treasured objects may be permanently lost. And it may get even more challenging, especially if the older adult is experiencing memory and other cognitive issues.
The truth is hidden money can also be a sign that the older adult needs financial management help. And this is the main topic that we are going to talk about in today’s blog entry.
Why Seniors May Hide Their Money And Valuables?
Before we proceed, let us first try to understand why some older adults hide their financial assets at their homes rather than storing them in a more secure setting, such as a bank, for safekeeping.
In reality, some older adults may mistrust established financial systems. And as a result, they may be reluctant or unwilling to open a safe deposit box or bank account because they expect their kin to ‘locate’ their valuables.
In some cases, families of aging parents who have bank accounts may be surprised to find out that the older adult has hidden a significant amount of cash and/or valuables at home because:
- The older adult has difficulty accessing cash at the bank physically, so their homes now become their “personal banks”.
- They may be reluctant to sign a power of attorney.
- They may be suffering from a cognitive impairment such as dementia.
- They may have other issues leading to not wanting to relinquish the control of assets.
These reasons can be an indication that the older adult is no longer able to manage their finances on their own. And this is the time when the whole family may want to consider the possibility of having professionals assist with financial management.
Hidden Valuables May Demonstrate a Need for Action
Locating a parent’s cash and valuables may be challenging. In general, the practice may also be unsafe. These behaviors may be an indication that your parent is in need of additional assistance.
If you find your aging parent has the habit of hiding cash and valuables at home, then you may need to ensure the security of their assets and provide the best financial management help possible. SilverBills may be able to assist with household bill management so that you will have more time to confront the physical valuables that may be located in your loved one’s home.