NEW YORK (MONEY Magazine) - What parents need to gather:

• Wills, powers of attorney and other estate-plan documents

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• List of assets, such as investments, home and investment properties, along with their value, plus a list of outstanding debts
• Account numbers for bank, brokerage and mutual fund accounts
• Deeds for the family house and other real estate
• Social Security and Medicare cards (make photocopies)
• Recent statements for any loans - mortgages, auto and personal loans and credit cards
• Insurance policies - life, health, home, auto, long-term care
• Contact information (name, address, phone number) for doctors, financial advisers and anyone else who might need to be contacted in an emergency
• Forms listing current beneficiary designations for savings, investments, IRA, 401(k) and 403(b) accounts and company pensions

• Do you have a will? Has it been updated since 2000?
• Do you have enough money to last you through retirement, between your Social Security benefits, your pensions and your savings?
• Do you have a budget? Have you or has someone else calculated how much you can safely withdraw from your savings so your money lasts the rest of your life?
• How are your retirement savings divvied up between stocks, bonds and mutual funds?
• Where do you keep important financial information such as your will, bank and brokerage statements and tax returns?
• Do you have a financial adviser? How did you meet this person, how long have you worked together and how is this person paid?
• Have you made financial arrangements in the event you can no longer live independently? Have you considered long-term care insurance or moving into an assisted-living facility or continuing-care community?
• Whom would you like to have make financial and medical decisions for you if you can no longer make them yourself?