Here are eight procedures to follow if you want to take over financial management of your parents’ affairs.
Make sure your parents give you formal permission to speak with their bankers and financial advisors so that you don’t run into any problems with privacy regulations. They can also work with an attorney to issue you power of attorney, which gives you the authority to handle the assets and money of your elderly parents while they are away.
Even if your parents do not require financial assistance at this time, you should encourage them to compile a list of their most important financial information and connections. This will give you a leg up if you ever find yourself in the position of having to assist them with their finances, whether temporarily or permanently.