If something happened and you needed to jump into your parents' financial affairs, could you? 

Too many of us put off talking to our aging parents about money until it is too late.  No one likes to think of their mom or dad passing away, or losing mental capacity, but it happens and you must be prepared.

If you haven't already, we strongly urge you to have an in-depth conversation with your parents.  Not sure how to start?  Here are some tips for talking to your aging parents about their money. 

To help you make sure you get all the information you need, use our list of 7 questions to ask your aging parents about their money.

Plus, be sure you know where to locate your parents' financial documents.  If you wait until your mom or dad's memory slips or they pass away, you may NEVER locate all of their financial documents.  That means some of their hard earned money might never be claimed and used for their care, or passed on to their spouse or heirs.

Here is a handy checklist of all the documents you should be able to locate.

Once you find all of these documents, make a copy for yourself, and a copy to keep someplace safe (such as a fireproof safe, at your lawyers office, etc.).

If this seems like a lot of work, let us show you how much work it will be to have to hunt for these documents on your own...

Tonight, go into the family room and close your eyes.  Now have someone hide a quarter somewhere in the room.  Now turn off all the lights and try to find the quarter in the dark.

Financial Document Location Checklist

• Bank account numbers/brokerage statements
• Names, addresses, and phone numbers of their physicians
• Names, addresses, and phone numbers of their lawyer, broker, and insurance agents
• Names, addresses, and phone numbers of their closest friends and relatives
• Names, addresses, and phone numbers of the handymen your parents call if they have household emergencies
• Social Security ID cards
• Pension plan information from their employers
• Tax returns for the past 3-5 years
• Deed to the house
• A list of debts (loans, etc.)
• Medicare and Medicaid information
• Copies of all insurance policies
• Copies of their birth certificates
• Copies of their wills
• Living will
• Copies of all power-of-attorney documents and trusts
• Prepaid funeral contract
• Funeral instructions (i.e., do they wish to be buried, cremated, or whatever)
• Instructions for pet care, and even garden care