Conversations with Elders

By Jeanette Bednar, Jarvis Management

The holiday season is a natural time when children and caregivers check in, evaluate, and have important discussions with aging family members. While talking about health (possibly declining health) and finances with a parent or other elder can be difficult, these conversations are important to protect the parent or elder’s well-being and financial resources. These conversations often involve all of the members of a family – for example, children discussing and coordinating a care plan or financial plan for a parent.

Here are a few topics that are frequently discussed in these important conversations:

1. Are your estate planning documents up to date? Do you have estate planning documents, including a Will, power of attorney and health care directive, in place? Do you (and others) know the location of your original Will? Are you comfortable with the disposition of your assets? Are you comfortable with your fiduciary choices?

2. Do you have a list of all of your assets, including account numbers and passwords? This can include checking accounts, investment accounts, old life insurance policies or retirement accounts, and even valuable tangibles like jewelry, art or other collectibles. Do you have a handle on expenses, life insurance premiums, required minimum distributions from retirement plans, and overall cash flow?

3. Could any of your accounts be consolidated to make your financial life simpler?

4. Have you had your attorney-in-fact under your power of attorney added to your bank and investment accounts?

5. Do your doctors have copies of your health care directive, which appoints an agent to make health care decisions for you in the event that you are unable to make such decisions for yourself?

6. Do you need assistance paying bills? If so, then a senior billpay provider may be a consideration.