Talking to your parents about the state of their finances as they get older may not be easy. They may be reluctant to talk about them. Assure them you only want to support—not influence—their wishes. Here are some steps to help make the process easier:

• Know the location of important paperwork, including bank statements, insurance policies, information about funeral arrangements, marriage licenses, social security cards, birth certificates, VA or military service papers, powers of attorney, automobile titles, and wills. Centralize everything in one location and make duplicates.
  
  
• Find out when these papers were last updated. Review wills every three to five years. You don't need your attorney for this, unless changes need to be made.
  
  
• Check beneficiary designations annually on retirement accounts and investments. Out-of-date designations can cause delays in transfer, unnecessary attorney or court fees, or needlessly hurt feelings.
  
  
• Review trust documents after any significant life event or major tax legislation. Be sure their insurance coverage is adequate and they are aware of what it covers.
  
  
• Know where your parents' safe-deposit boxes are. Ask your parents for access privileges and a key—just in case.
  
  
• Compile a list of passwords for any online accounts they may have.
  
  
• Know who all your parents' professionals are: doctors, lawyers, accountants. Be sure they have your contact information. Though they are not likely to be able to divulge confidential information, they may be able to alert you if your parents exhibit unusual or erratic behavior.
  
  
• Know how your parents want care or other exceptional life-prolonging measures, should the unthinkable happen. Suggest they create a living will to ensure their wishes are respected.
  
  
• Meet with their financial professional, or bring their account statements to your own personal advisor to get a second opinion. Be sure their portfolio is diversified and appropriate to their age and risk tolerance. Be sure some of the investments provide for growth that keeps pace with the rising costs of living.