I recently gave the Wall Street Journal my take on the most important questions you should ask you aging parents. Here’s the list:
- Have you named someone to make medical decisions for you (and to obtain medical information)?
- Have you named someone to make financial decisions for you?
- Do you have a list of your assets, passwords, login, other important information; if so, where is it?
- Where do you want to be buried? Who do you want to invite to your funeral? What type of funeral do you want?
- Do you hide cash or jewelry in your house? Can you tell me where it is hidden?
- Do you want any of your grandchildren to get anything when you die?
- Have you clearly determined who is going to receive your personal effects?
- And the most difficult: When was the last time you have revised your Will/estate planning and should you revisit it at this time?
Taking the time to ask these questions now will save you from big headaches and financial burdens later.