Aging parents checklist: A guide to senior life planning

Planning for your aging parents

While caring for adults as they age can be a challenging responsibility for children and other family members, it's also a time to reflect on happy memories and plan for the future. Those with aging parents may be tasked with caregiving, housing and even legal responsibilities. If you find yourself caring for an aging loved one, it's important to remember you're not alone.

In fact, caring for adults and parents as they get older is fairly common, and the demand for caregivers continues to increase. A study found that 41.8 million adults in the U.S. are caregivers to patients ages 50 and older.^[1] With the growing prevalence of senior caregiving across the nation, it’s likely you or someone you know will take the lead to help aging parents live comfortably and have peace of mind. 

Whether your aging parent or loved one needs support for the first time, or you’re planning for the future, it’s important to be prepared. This could mean ensuring legal documents and up-to-date life insurance policies are in order, and keeping medical support on speed dial. 

Read on or skip to our aging parents checklist for a step-by-step guide to help you navigate senior life planning.

Discuss options for living arrangements

Aging can present itself with new safety concerns, especially around the house. Discuss various senior living options to best understand if your parents are comfortable with living alone or would prefer making other arrangements. If your parents are able to continue living at home, consider a few home remodeling options to help them safely age in place.

• Come to an agreed upon housing arrangement
• Implement any home updates or modifications to make their current living situation safe and comfortable
• If they are a homeowner, go over any outstanding mortgage or loan debt associated with the home
• Come up with a housing debt repayment plan
• Consider long-term care insurance in the event that long-term care is required

Go over finances

When discussing aging plans with your parents, make sure to get their thoughts on how they’d like their finances handled if they are no longer able to make those decisions. Important topics to go over could include home ownership, outstanding debts, savings and retirement funds.

• Ask what financial accounts are open and where they are held 
• Gather contact information for their advisors
• Make sure all accounts are titled correctly 
• Educate yourself on Social Security benefits 
• Ensure beneficiary designations are up-to-date
• Find ways to streamline bill paying, like setting up automatic payments 

Create a caregiving plan 

Help your aging parent create a caregiving plan so that there are no questions on what care is needed down the line

• Create a caregiving plan in the event that they cannot care for themselves
• Meet with their doctors to discuss any changes in their personal needs
• Familiarize yourself and your parent with different caregiving options
• Ask if they have any specific needs to maintain their health and comfort 
• If there are pets that need to be cared for, create a caregiving plan for them as well 

Use the caregiving information sheet below to list the health needs and care requirements for your parents. This sheet can make it easy to keep important information in one place. Aging adults can use this sheet for themselves or distribute it to caregivers. 

Gather legal documents 

Taking care of legal issues while your parents are in good health can reduce stress brought on by the caregiving process. Discuss legal issues with your aging parent and make sure you know where to find their personal information and documents if you ever need them. 

• Discuss where important documents are being stored 
• Ask if a will has been drawn up and where it’s located
• Check in to see if they have  power of attorney for finances and health care
• Review their estate plan to ensure beneficiaries and responsibilities are up-to-date and listed correctly

Discuss insurance plans

Last but not least, make sure to go over your parent’s insurance policies. It’s important to know what policies they hold and if they’re adequate, as well as where any accounts are located and if they’re up-to-date. This can help prevent financial burdens in case of a medical emergency or accident. 

• Make a list of all active insurance policies (auto, home, health, long-term care, etc) 
• Gather contact information for their insurance advisers
• Review homeowners, auto and life insurance to make sure they are adequate and up-to-date 
• Look over health insurance coverage and see if any policy changes need to be made based on your parent’s current or future needs 

Remember, caring for aging parents is an ongoing project and their needs may evolve over time. Continue to work with your parents and have an ongoing conversation so that you can best understand their needs and wishes, even if they change. 

Planning for the future care starts in the present. Make sure you start the conversation early and decide what type of life insurance is best for you and your family.