Sorted - Web Capture - Managing Ageing Family Members Finances

Many New Zealanders find themselves managing finances for an ageing parent or relative, often unexpectedly and without guidance. This Sorted guide provides practical, step-by-step advice on when and how to get involved, what legal documents are needed, and how to handle major life changes like downsizing or moving into care. It covers scam prevention, which is critical given that older people are disproportionately targeted by financial scams. This guide helps families navigate the process of managing an elderly relative's finances — from recognising when help is needed, through to handling complex transitions like downsizing the family home, buying a retirement village unit, or entering residential care. It covers essential legal documents (Enduring Power of Attorney, wills), managing bank accounts, protecting against financial scams, and the practical steps to take when major life changes occur. - When to get involved: Look for warning signs — unpaid bills, confusion about money, unusual purchases, requests for money from strangers, signs of scams - Who should be involved: Ideally a trusted family member, with open communication among siblings. Consider professional advice (lawyer, financial advisor) for complex situations - Legal documents needed: - Enduring Power of Attorney (EPA): Essential for managing finances if the person loses mental capacity. Two types — Property (financial) and Personal Care & Welfare - Will: Should be up to date before any maj