At some point we may need to take over our parents financial lives. Often times it's in the middle of a medical crisis that we are called upon. Have you ever thought about how someone would take over your financial life? I think most of us would conclude that it would be no easy matter.
Most of us keep our financial situation to ourselves. It's not easy to share this information. If there are multiple children, it's that much more complicated to share our situation. Well, your parents are in the same boat.
What to do? That's easy. Sit down with them and have them lay out their full financial situation. What their income is, what their assets are, what their debts are, how they pay bills.....
That may sound easy, but probably isn't. As an alternative, engage a CFP to work with your parents. Your parents will find it much easier to lay out their situation with a qualified third party. What you want is for that person to map out their financial life and have a plan for how to deal with the situation before that medical crisis occurs and you find it becomes necessary to take over their financial life.