When parents ask you to start handling their money, saying yes can feel like the responsible thing to do. But managing parents’ finances can involve far more than paying a few bills or checking a bank balance. You may eventually deal with investments, insurance, taxes, property, creditors, and unexpected care expenses. Fidelity recommends understanding the full financial picture and securing appropriate legal documents before taking on substantial financial caregiving responsibilities. Before agreeing, ask these eight questions so everyone understands what the job could involve.
