Learning How to Take Care of Your Elderly Parents
As we get older, so do our parents. So how do we approach the next phase?

By Ashley Hargest

One of the hard realities of life is aging. As women we do everything in our power to slow it down, prevent it and ignore it. But we know it's coming. Aging brings physical changes also a whole new set of financial responsibilities. The older we get, the older our parents get. The responsibility for caring for them may fall on our shoulders, often coming as a financial shock? since our parents have always been the ones to look after us.

It's important to be prepared now, so when the time comes to become the financial voice for your parents in the future, you're ready and informed.

The first thing you should do, no matter how old your parents are, is discuss their retirement plan with them. If they have little saved for retirement, urge them to seek out an investment advisor or financial planner and to add to their savings. If they are already retired, discuss their financial expectations with them and their estate plan. Who are they leaving all their assets to? Who is to be the executor of the estate and who are the beneficiaries? An executor of an estate is named in your parents' will and is like the CEO of their estate. It is the person who gathers all the estate assets, pays all the outstanding debts and distributes what is remaining of the deceased's estate among the beneficiaries. If that person is you, you should be fully aware of the time and responsibility this title brings with it. The following is a sample list of responsibilities of an executor of an estate:

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