As your parents age, they may need assistance getting groceries or taking care of the house, but they might also need help with their financial life.

Here are some important financial and wealth planning matters you may want to find out about. Talking to parents about their finances isn’t always easy, but managing any potential issues now is better than waiting until a problem arises.

Are their wills up to date? Some people go a great many years, even a couple of decades, without reviewing their will. While looking over their will, your parents should ensure they’re still content with their choice of primary and alternate executors (personal representative, liquidator or estate trustee, depending on the province).¹

Find out about the power of attorney. Ask your parents if they have a power of attorney for financial affairs, known as a mandate in Quebec, should they become unable to manage their finances. Some people believe their spouse or child can fulfill this role without making a power of attorney, but in that case, a family member must apply to the courts for guardianship.¹

Can they cover health care costs? Though this topic may be difficult to address, it’s helpful to know whether your parents can afford private health care if that support becomes necessary to continue living at home.

Warn your parents about fraud. Scammers commonly target seniors. Have your parents be wary of any request for money or personal identification made by mail, email, phone, online or at the door. Emphasize that fraudsters can appear to be legitimate — for example, claiming to be a representative of the Canada Revenue Agency (CRA).

¹ We recommend having your parents contact their legal counsel for more information.