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aging parents checklist
February 13, 2018

Financial Checklist for Your Aging Parents

Shyam Ganesh Estate, Planning

Your parents are growing older, and it is important that you ask them the right questions to help secure their financial life as much as possible.

If you are the child who is most likely to be called upon if they get sick, hospitalized, or pass away – it is important for you to know enough information about them to make it easier for both you and them in the long run.  

Here is a list of questions we thought might help you prepare better:

Property & Finances

  • The contact information of their financial advisor
  • A list of all financial accounts and where they are held
  • Investment documents (savings bonds, retirement funds stock certificates, mutual funds brokerage accounts, bitcoin, etc.)
  • Do they have credit cards? Is balance paid off every month?
  • Do they have security box? Where is the box located? Who has the keys? Detailed list of contents.
  • Have they borrowed money from anyone? Or has anyone borrowed money from them? If so, who?
  • Are all beneficiary designations are up-to-date? (generally spouse first, kids later)

Insurance and Retirement Investment Records

  • Which pensions do they have at the moment?
  • Is their retirement income giving them a comfortable lifestyle?
  • Do they have medical or health needs that are not covered by their health plan?
  • If in-home nursing care is required down the road, do they have the financial bandwidth to afford to pay for it? Do they have long-term care insurance?
  • Do they have life insurance or liquid funds to cover final expenses?
  • Do they know what their tax bill will be at death and do they have liquid assets or insurance to cover it?

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Legal & Tax Documents

  • Contact details of Legal Advisor
  • Where are important documents? (Birth and Marriage certificates, Divorce or dissolution of marriage documents)
  • Do they have a will? Is it up-to-date? Where is it?  
  • Do they have a power of attorney? (for finance, property, and bank accounts)
  • Do they have a living will (also called personal directive)?
  • Where are their taxes filed? Are they up-to-date?

Miscellaneous

  • Do they wish to be an organ donor?
  • How do they envision their funeral and memorial service? Do they have it planned for and prepaid?

 

These are the basics. If your family has more complex finances (and even otherwise), talk to your parents. You can also reach out to us – we regularly help families bridge the gap and build an intergenerational wealth plan.

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Thanks for your interest.  Contact us directly to find out how we can put our financial expertise to work for you!

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(780) 747-1248
clientcare@growyourwealth.ca

 

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