Few tasks are more stressful than piecing together a parent’s finances after a hospital stay or sudden death. Yet with a proactive approach, families can transform chaos into clarity and ensure loved ones’ wishes are honored.

Start the conversation early
Begin while your relative is still healthy and cognitively sharp. Frame the discussion as a safety measure, not a takeover. A simple opener— “I’d like to help if you’re ever unavailable to pay bills”—often eases tension and invites cooperation.

Create a master list
Document every bank account, investment, insurance policy, recurring bill and safe-deposit box. Include institution names, account numbers, online logins and key contacts. Store the information in a locked binder, a fireproof safe or an encrypted digital vault. One reliable source of truth spares family members a frantic paper chase when time is short.

Secure essential legal documents
Draft or update a durable power of attorney for finances and another for health care. A living will clarifies medical directives, while a standard will or revocable trust directs asset distribution. Ensure beneficiary forms on IRAs and life-insurance policies match current intentions, because those designations override a will.

Consolidate and simplify
Scattered accounts multiply statements and tax forms. Rolling multiple IRAs into one custodian or closing dormant bank accounts reduces paperwork and makes oversight easier. Cash in old savings bonds that have stopped accruing interest and redeploy the funds to higher-yield options. Simplification lowers the risk of missed required minimum distributions, lapsed policies or forgotten assets.

Automate and prioritize
Set up automatic payments for utilities, insurance premiums and property taxes to prevent late fees if the account holder becomes incapacitated. Use recurring transfers to fund emergency reserves or cover long-term-care premiums. Automation reduces the emotional burden on family members and preserves credit ratings.

Revisit insurance and tax strategies
Long-term-care insurance becomes harder to obtain with age or declining health. Evaluate coverage options while the senior is still insurable. Consider Roth conversions in low-income years to reduce future taxable distributions, or qualified charitable distributions from IRAs after age 70½ to satisfy required withdrawals tax-free. If gifting is part of the plan, transferring appreciated stock now may lower overall capital-gains taxes if heirs are in lower brackets.

Leverage technology
Secure portals such as eMoney allow selective sharing: family can view bank balances; an attorney can access estate documents and physicians can see health directives. Automatic reminders flag bill dates or document renewals. Digital tools complement—rather than replace—ongoing conversations.

Schedule annual reviews
Life events, market moves and tax laws change. Review the financial checklist each year to confirm account balances, update beneficiaries and adjust investments to match risk tolerance and liquidity needs. Treat the review like a wellness exam: preventive care avoids emergencies.

Benefits of early organization
• Peace of mind for the entire family
• Smooth bill payment and uninterrupted investment management
• Fewer probate delays and lower legal costs
• Clear instructions that limit family disputes
• Reduced risk of elder fraud

Getting organized starts with a coffee-table conversation and a simple checklist. Each small step—listing an account, drafting a power of attorney, automating a bill—builds financial resilience and honors a loved one’s legacy long before crisis calls.

Seth J. Edgil and David Guttery offer products and services using the following business names: Keystone Financial

Group– insurance and financial services | Ameritas Investment Company, LLC (AIC), Member FINRA/SIPC –

securities and investments | Ameritas Advisory Services, LLC (AAS) – investment advisory services. AIC and AAS

are not affiliated with Keystone Financial Group. Information is gathered from sources believed to be reliable;

however, their accuracy cannot be guaranteed. Data provided is for informational purposes only and should not be

construed as a recommendation to purchase or sell any investment product.