money talks
Locate Financial Records
In order to effectively manage your parents’ finances, you’ll need access to their financial records. Which of these items should you ask them about?
- Bank account statements, including bank addresses
- Pension, annuity, and investment information
- Life, property, and casualty insurance policies
ALL of these may be needed at one time or another. Also ask your parents to help you find their birth certificates, Social Security and Medicare statements, safe deposit box numbers, and home safe combinations. Write down where each of these items is located. Help them make an inventory of their current finances: What income do they have? What bills do they owe? Include the date of purchase and cost of any assets. This information may be required to establish a tax basis in the event assets must be sold.