Video: How To Have A Conversation With Your Parents: Getting Organised Financially

The burden of financial paperwork

Often we’ve come across older people who we’ve helped who have kept all of their documents but have become overwhelmed by keeping so many bits of financially related paper.

However, all of the paperwork goes from something overwhelming to a mental and physical burden as more and more financial paperwork arrives through the door.

Click here: How To Have A Conversation With Your Parents: Getting Organised Financially

Getting the conversation going

I’d suggest that a good start is certainly talking to your mum and dad about making sure that they’re financially organised.

First of all, you could help them build a short (1 to 3 pages) summary document detailing all of their financial assets, policy and plan numbers and contact details of providers.

It’s important to keep recent documents but certainly be selective. We’ve seen people retain paperwork for decades as they become worried about destroying these documents, however, in the electronic age, these pieces of paper aren’t particularly relevant.

Creating a plan

I’d suggest ensuring you’ve got paperwork for each plan your mum and dad own but only the most recent documents.

I’d then suggest that all of the historic documents are pretty unnecessary. If Mum and Dad are really concerned then it might be worth scanning the documents and keeping them electronically stored.

Our experience is that helping mum and dad ensure they are organised and helping them build a clear summary of where they are financially, has the impact of relieving mental stress and allowing if needed families to take clear action to financially improve their parent’s lives.”

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