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Thought leadership series
What documents do you need from your aging parents - and when should you have that conversation?
What documents do you need from your aging parents before something happens? And when is the right time? This is a hard conversation to start. So lots of families don't. And then something happens, and suddenly you're making major financial and medical decisions under pressure, with none of the information you need. Here's what you're actually looking for. First, a master list of every account. Bank, investment, retirement. Account numbers and passwords. You don't need the balances. You just need to know where to look when it matters. Second, all insurance policies. Life, long-term care, anything active. Who the carrier is and how to reach them. Third, the estate documents. The will, any trust documents, POAs (medical and financial) and the name and contact information of the attorney who drafted them. Then read the will. Lawyers make things complicated sometimes and you want to understand it before you need to act on it. Fourth, every beneficiary designation on every account and every policy. These override the will. I've seen assets pass to the wrong person because nobody updated the paperwork after a divorce decades ago. If your parents are healthy right now, that's the window. When you actually have time to do this right. Start here: Mom, Dad, if something happened tomorrow, would we know where to find everything? That opens the door. Send us a message and we can walk you through the rest. Link in bio. #EstatePlanning #FamilyFinances #FinancialPlanning #AgingParents #HNW
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