Without a doubt, downsizing elderly parents can be a stressful job for adult children. My team and I regularly work with individuals or siblings who are helping their parents edit down and move into a smaller living space. When we help pack, we are always on the lookout for valuable items or documents, like wills, banking information, jewelry, or even money. We regularly set these things aside for the family to action.

While seniors may not need anyone to take control of their finances yet, the process of downsizing is a perfect time for adult children to talk to their parents and organize important information for the future. As is common nowadays, financial details are most likely scattered throughout various banks, insurance companies, and so on. I suggest taking this opportunity to create a document or file that includes the following information.

Professional Contacts

This includes their lawyer, accountant, financial advisor, insurance agent etc. Confirm the contact details for each professional. Sometimes they retire and pass their clients (elderly parents) on to another advisor so it is important to follow up.

Financial Details

List bank accounts, investment accounts, credit cards, mortgages, lines of credit, etc. Include details like the branch address and hours, website, phone number.

Location of Important Documents

Find out where they keep their will, estate plan, policies, statements, insurance documents, etc. Take this opportunity to ensure they are reviewed and up to date. If they are not, then make an appointment with the appropriate advisor to revise them.

Whereabouts of Valuables

This includes a safety deposit box (and key!) in addition to any hidden valuables. (Check out our recent We Find the Secret Hiding Places post).

The Canadian population is ageing and many more children will find themselves managing the health and wealth of their parents. In fact, by 2036, Statistics Canada estimates that more than 25% of our population will be over 65 (that’s three times the number of the 65+ population in 1960!). It’s important when you’re downsizing elderly parents to prepare for the future. In the long run, it’s good for both you and them.

If you would like some more information on downsizing, be sure to read Downsizing Your Home in 5 Basic Steps. Or if you’d rather hire a professional, Out of Chaos offers Move Management and Downsizing services. Simply contact Out of Chaos today.

Image by Gerd Altmann from Pixabay