Robyn Davis Sekula is a PR and marketing expert who aids us with many things at the Family Investment Center. She offered to reveal her own experience gathering information from her senior’s parents and her thoughts are submitted below. Reveal about your own experiences with handling the finances of elderly parents in the comments section.
During December 2005, I was home in Virginia visiting my parents when my Uncle Bob passed away unexpectedly. Bob was only a yr older than my dad, and it sent a little of a chill through the homely house. Afternoon and gave me a wonderful present Dad looked at me that. He said, “Let’s go downstairs.” We went into a certain area that he previously used as an office, and he started to tell me everything. Having spent most of my entire life as a reporter, I required notes.
I’m an only child, and my parents are in their 70s and live nine hours away. My mother knew very little about the budget of the true home in those days, and I’m quite definitely the practical spirit of the family, therefore I understood I’d have to be the one to have the given information. He started with the fundamentals: where the original of his will be located, that has power of attorney (mom) and life insurance. Then, I proved helpful my way into a series of questions on everything I could think of since he appeared receptive to answering questions. I’ve accumulated this list that you can use with your own elderly relatives here.
If you live far away, all of these questions are specially essential and things you should know. They may sound small, but every piece of information that you have handy shall save you a step or two in the future. Don’t assume you know everything, either. Your parents may have inherited something that they never mentioned for you or have purchased something that they’ve never talked about.
Ask it all. You will no doubt find a surprise or two. 1. Where is your will? Not a copy, but the original. My grandfather’s estate cannot be resolved until his original will could be located. Guess who acquired it? His ex-wife, who could have easily demolished it, since it was not in her favor and she was not friendly with the rest of the family.
That might have been a tragedy. 2. Who ready your will? Make sure to get contact information, too. 3. Who is your life insurance policy with? What is the payout? Could it be term or very existence? Where is the plan paperwork? 4. Do you have a financial advisor who you use? 5. Where do you have money?
= $ =p>Need true names, credit unions, and investments. 6. Where are your safe deposit boxes? Need brands of banking institutions, the address of branch and location of keys. 7. Do you have a safe? What is the mixture? 8. Any kind of other secure places where you store important documents and paperwork?
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- Which of the following is the best exemplory case of an incremental cash inflow/outflow
- Which transaction is normally recorded in a special journal
9. Where do you obtain income from? Cover both retirement and investments. 10. What do you own? Review house, car, land, and location of paperwork and titles of every. 11. What personal debt are you experiencing and who owns that debts? Cover home loan (first, second, reverse, lines of credit), car loans, credit cards, consumer goods, old student education loans.
12. What do you believe are your most valuable assets and what do you think these items are worthy of? Use this question for significant antiques, artwork, and other items not protected else with this list anywhere. 13. What bills do you pay every month? Get the names of each utility paid and exactly how much the bills typically are so you’ll know when there is a sudden jump. 14. Any kind of problems with your home or any property that you own that require to be attended to?
Does the roofing or basement leak? Are there plumbing-related problems or electrical issues? 15. Who keeps the plan for your homeowners and car insurance? 16. Do you have a burial plot or have applied for grants where you want to be buried? 17. Do you are felt by you have adequate income for your situation?