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?
Avoid Financial Pitfalls by Finding Your Blind Spots
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?
- 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?