Memory loss does not necessarily mean incompetence.
Time is marching on.
Your parents are growing older.
Your father begins acting differently.
He is making some poor financial choices.
Nothing extreme yet.
Just some forgetfulness on bills and slightly risky actions.
Should you do anything?
According to a recent Forbes article titled “Aging Parents At The In-Between Stage: Partially Competent and Partially Not,” you may be able to act and you may not.
If you parent has not yet created a durable power of attorney, he should do this now.
If it already exists, the listed agent should the check accounts to make sure your parent is not throwing away money to scams.
If you see something suspicious, approach your father.
What if your parent refuses your help?
Be respectful of your parent, but continue to offer your help.
Eventually, it would be prudent to move money to an account where it would be more difficult to squander large quantities of money.
This is why a durable power of attorney is so important.
If one does not exist, your parent should get one now.
It is a vital piece of estate planning that can help protect your parents and their assets.
Reference: Forbes (December 3, 2018) “Aging Parents At The In-Between Stage: Partially Competent and Partially Not”