Thank you so much for leaving this comment. I’m happy to know that you found it helpful. I appreciate the detail you included about beneficiaries. I also agree that professional advice can be helpful. We contacted a lawyer to ensure my parents’ wishes are executed properly.

Good article.

Thank you for your kind words. Using a tool like Personal Capital may work to see your parents’ finances before managing them. My dad keeps track of his money, but it’s located in ten different banks, a leftover from the savings and loan crisis. I’m working to consolidate his cash, CDs, and stock into as few accounts and credit cards as possible to make things easier. The best thing I ever did was bring up money with them before either got sick. Starting early conversations helped smooth the transition.

Thank you for your kind words and I’m sorry that you’ve experienced this yourself. Giving up control and ownership is often the most difficult part of the process. Luckily, my dad and I talked about it so often that he didn’t push back. I think he’s worried about making things easier for my mom and knows putting me in charge is the best way to make that happen. I wish you luck with your in-laws. Thank you for the reminder about being added as a trustee. The legalities of money management often need guidance from a lawyer.

Thank you. I’m glad you found this article helpful. Luckily, my dad managed his money well and kept solid track of his finances, but I’m so glad that we talked about money management well in advance of his diagnosis. I wish you the best of luck with your dad.

Wishing you, your dad and your family all the best.

I really liked you summary and check list and wish I had it in 2019. I did all of the items on your list for my parents when dad became ill. And with dad’s passing in 2020, there was more to do, but the foundation was built and it was straight forward.

Now we are going through the same thing with the the in-laws. And it gets more difficult. Probate in Calif is EXPENSIVE, so many people use a revocable living trust to hold their assets. A POA cannot be used to manage a trust – you need to be added as a trustee. And seniors don’t like losing or giving up control / ownership of their life’s work.

Thank you!

Thank you for your kind words. I hope the details help. Luckily, my dad is fairly well organized with his finances.