Resources / Helping a parent
What accounts does your aging parent have?
A parent’s accounts, bills, and policies are often scattered across paper, email, and one person’s memory. Use this to surface them all, before you need them in a hurry.
Money coming in
- Social Security
- Pension or annuity
- Bank and savings accounts
- Brokerage and retirement (IRA, 401k)
- Other income (rental, part-time work)
Money going out
- Mortgage, rent, or property tax
- Utilities, phone, and internet
- Credit cards and loans
- Subscriptions and memberships
- Medical and prescription bills
Insurance and property
- Health and Medicare supplement
- Home or renters insurance
- Auto insurance and vehicle titles
- Life insurance and annuities
- Property deed and mortgage papers
Digital and people
- Email accounts and the phone passcode
- Passwords, or a password manager
- The will and durable POA (and where kept)
- Accountant, advisor, attorney, insurance agent
Start with one year of checking statements. The checking account is the hub almost everything runs through. A year of statements reveals income sources, automatic payments, and transfers to other banks, without asking anyone.
Frame it as help, not takeover. Independence is what your parent is worried about losing. Offer to help with one small thing first, like a single bill on autopay, rather than asking for the whole picture at once.
Printed and kept where you will see it, this does its job. If you would rather it live somewhere your whole family can reach, that is what MyLifePapers is for.
Common questions
What if my parent will not share their information?
Pushing harder usually backfires. Lead with a question they can say yes to, like helping set up one bill, rather than asking for everything at once. Frame it as helping them stay in control, not taking over. Even without their help, the checking statement, the mail, and last year’s tax return will surface most accounts.
How do I find a life insurance policy I think exists but cannot locate?
Check current and former employers first, since many policies are workplace benefits people forget. Then use the free NAIC Life Insurance Policy Locator, which searches member insurers on your behalf. Bank statements may also show premium payments.