Financial Checklist for Your Aging Parents

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?