Handling your aging parents’ finances

DEAR SAVVY SENIOR: My siblings and I don’t know much about our elderly parents’ financial situation or their wishes if something happens to them . ... What’s the best way to handle this, and what all should we know?

— Tentative Daughter

DEAR TENTATIVE: Many adult children don’t know much about their elderly parents’ financial situation or end-oflife plans, but they need to. Getting up to speed on their finances, insurance policies, long-term care plans and other information is important because some day you might have to help them handle their financial affairs or care, or execute their estate plan after they die.

When you talk with your parents, you’ll need to collect some information. Here’s a checklist of areas to focus on.

Personal, health information

• Contacts: Make a list of names and phone numbers of their doctors, lawyer, accountant, broker, tax preparer, insurance agent, etc.

• Medical information: Make a copy of their medical history and a list of medications they take.

• Personal documents: Find out where they keep their Social Security card, marriage license, military discharge papers, etc.

• Secured places: Make a list of places they keep under lock and key or protected by password.

• Pets: If they have a pet, what are their instructions for the animal’s care?

• End of life: What are their wishes for organ or body donation, and their funeral instructions?

Legal documents

• Will: Do they have an updated will or trust, and where is it located?

• Power of attorney: Do they have a power of attorney document that names someone to handle their financial matters if they become incapacitated?

• Advance directives: Do they have a living will and a medical power of attorney that spells out their wishes regarding their end-of-life medical treatment?

Financial records

• Debts and liabilities: Make a list of any loans, leases or debt they have.

• Financial accounts: Make a list of the banks and brokerage accounts they use and their contact information.

• Company benefits: Make a list of any retirement plans, pensions or benefits from their former employers, including the contact information of the benefits administrator.

• Insurance: Make a list of the insurance policies they have, including the policy numbers, agents and phone numbers.

• Property: Make a list of the real estate, vehicles or other properties they own, rent or lease and where they keep the deeds, titles and loan or lease agreements.

• Taxes: Find out where they keep copies of past year’s tax returns.

For more tips, see the Eldercare Locator publication “Let’s Talk: Starting the Conversation about Health, Legal, Financial and End-of-Life Issues” at N4A.org/files/Conversations.pdf.

Send your senior questions to: Savvy Senior, P.O. Box 5443, Norman, OK 73070, or go to SavvySenior.org. Jim Miller is a contributor to the NBC Today show and author of “The Savvy Senior” book.