When Memory Fades -- Have Your Finances in Order

From Merrill Lynch:

The early indications of cognitive decline are often hard to identify. "But one of the first skills to deteriorate is financial capacity, and difficulties with finances may sometimes even precede the official diagnosis of Alzheimer's disease," says Joseph Coughlin, director of the Massachusetts Institute of Technology's AgeLab. What starts as neglecting to pay bills can accelerate to impulsive spending or frequent odd purchases.
In some cases, "someone who is paying attention to a person's finances may be the first to notice unusual behavior," says Leland. "The person may make unusually large withdrawals from an account, run up credit-card charges, impulsively add another individual to an account, or call their financial advisor multiple times a day."
One way for family members to get an early warning about potential cognitive issues is through the Merrill Lynch Client Contact Authorization Form, notes Hutchins. "It authorizes your advisor to reach out to a family member or someone else you trust if problems arise.
"Naming someone on the form doesn't give that person authority to make financial decisions on your behalf," she adds. "But it provides a way to alert family members about a problem that needs their attention."   

When Memory Fades