SAVVY SENIOR: Important subjects to talk about with your elderly parents
Senior Quotes: Important 1 Subjects To Talk About
My siblings and I are unaware of our aging parents’ financial status or their final wishes in the event of a medical emergency. They both have mid-eighties age ranges. What information should we be aware of and how should we approach this?
Fearful Daughter
It is important for adult children to know about their elderly parent’s financial status and final arrangements, even though many do not.
Acquainting yourself with their financial situation, insurance coverage, long-term care arrangements, and other details is crucial because you may need to assist them in managing their care or finances in the future, or carry out their estate plan after they pass away. It gets much harder for you to do your job without this knowledge. Here are a few helpful hints.
Have the Talk
If you feel uneasy discussing this with your parents, use this column as a starting point or visit TheConversationProject.org, where you can find free resources to get the conversation going.
Involvement of all of your siblings is also a smart idea. By doing this, you can avoid any potential hurt feelings and let your parents know that everyone is worried.
Talking with your parents will help you gather information. You should find out where important papers are kept and how they would like certain things to be handled in the event of their death or incapacitation. This is a list of things to concentrate on.
PERSONAL DETAILS
- Enumerate the names and contact information of your parent’s physicians, attorney, accountant, broker, tax preparer, insurance agent, and so forth.
- Medical information: Make a copy of their pharmaceutical regimen and medical history.
- Personal documents: Find out the location of their marriage license, Social Security card, military discharge documents, and other documents.
- List the locations that are kept secure, such as safe deposit boxes, safe combinations, security alarms, etc.
- Digital assets: Enumerate all of their digital assets, including online banking and social media profiles. Passwords and usernames ought to be included.
- Pets: In the event that they own a pet, what care instructions do they provide?
- End of life: What are their funeral plans and desires regarding organ or body donation? Obtain a copy of any pre-arrangements they may have had with a funeral home.
OFFICIAL RECORDS.
- Will: Where is their current will or trust located, and do they have one?
Do they have a power of attorney document designating a person to manage their finances in the event of their incapacitation?
- Advance directives: Do they have a medical power of attorney and a living will stating their desires for their final medical care? This is the time for them to prepare these documents if they haven’t already.
ECONOMIC DOCUMENTS.
- Financial accounts: Enumerate their mutual fund, brokerage, and bank accounts, along with any additional Their financial possessions.
- Liabilities and debts: Compile a list of all the loans, leases, and other obligations they have, including credit card debt, medical bills, student loans, auto loans, and mortgages. Additionally, compile a list of all your credit and charge cards, along with the numbers and contact details.
- Benefits from the company: Compile a list of all retirement plans, pensions, and benefits received from their previous employers, along with the benefits administrator’s contact details.
- Insurance: Compile a list of all the policies they own, including policy numbers, agents’ phone numbers, and information about home, auto, Medicare, long-term care, and life insurance.
- Property: List the real estate, automobiles, and other assets they own, rent, or lease, along with the location of the titles, deeds, and loan or lease agreements.
- Taxes: Find out where the previous year’s tax returns are kept.
It’s likely that you won’t be able to resolve all of this in one meeting, so it’s critical to continue the dialogue in order to guarantee that your parent’s wishes will be carried out precisely.
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