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The pic is a little blury, but one that we will never get rid of.  We knew the end with my Grandpa was near, but didn’t know how near.  This was the last picture we have of my Grandpa and my oldest.  The look on his face tells the story.  He loved this moment!  He was an incredible man of faith, lover of kids and quiet powerhouse of a leader.  He led by serving people.  What a joy to have my daughter get a chance to spend a couple years with him before he passed away.  He and my Grandma were married for 66 years and led a life serving others.  They died within 8 months of each other.  What a legacy they built and left.

When a parent’s health is declining and the end may be near, families often feel two things at the same time. Emotionally, you want to be present. Practically, you know there are things that should be handled. This guide is meant to help you do both. You do not need to do everything at once.  You just need to start.

1. Have the Most Important Conversation

If your parent is able, this is the most valuable step.

Discuss
• Who makes medical decisions
• Who handles finances
• Care preferences (hospice, hospital, life support)
• Funeral wishes
• Where documents are located
• How assets should be handled
• Who communicates with family

Checklist
☐ Identify medical decision maker
☐ Identify financial decision maker
☐ Discuss care preferences
☐ Discuss funeral wishes
☐ Ask where documents are located

  1. Confirm Legal Documents

These allow you to act before death, not just after.

Important documents
• Will or trust
• Financial power of attorney
• Healthcare power of attorney
• Living will / advance directive
• HIPAA authorization
• Beneficiary designations

Double check life insurance beneficiaries. These override a will and are often outdated.

Checklist
☐ Locate will or trust
☐ Confirm financial POA
☐ Confirm healthcare POA
☐ Confirm advance directive
☐ Review retirement beneficiaries
☐ Review life insurance beneficiaries

  1. Identify Decision Makers

You should know:
• Medical decision maker
• Financial decision maker
• Executor
• Family communicator

Checklist
☐ Identify roles
☐ Share roles with family

  1. Gather Financial Information

You are simply identifying what exists.

Include
• Bank accounts
• Investment accounts
• Retirement accounts
• Life insurance
• Annuities
• Real estate
• Debts

Checklist
☐ List accounts
☐ List insurance
☐ List debts
☐ Gather statements

  1. Contact the Financial Advisor

They can help organize everything and prepare for what comes next.

They help with
• Account list
• Beneficiaries
• Life insurance review
• What avoids probate
• Liquidity needs
• Next steps

Checklist
☐ Notify advisor
☐ Request account list
☐ Confirm beneficiaries
☐ Double check life insurance beneficiaries
☐ Ask what to prepare now

  1. Understand What Transfers Automatically

Some assets transfer immediately
• Life insurance with beneficiary
• Retirement accounts with beneficiary
• Joint accounts
• Trust assets

Others may require probate
• Assets in one name
• No beneficiary
• No trust

Checklist
☐ Identify beneficiary accounts
☐ Identify probate assets

  1. Discuss the Home

This is often the largest decision.

Discuss
• Keep or sell
• Who maintains it
• Where documents are
• Mortgage and insurance

Checklist
☐ Discuss home plan
☐ Locate deed
☐ Confirm insurance

  1. Discuss Funeral Preferences

Consider
• Burial or cremation
• Funeral home
• Service preferences
• Cemetery
• Obituary

Checklist
☐ Burial vs cremation
☐ Funeral home
☐ Service preferences

  1. Determine How Expenses Will Be Paid

This prevents stress immediately after death.

Identify
• Life insurance
• Prepaid funeral plans
• Liquid accounts
• Who pays upfront expenses

Checklist
☐ Identify life insurance
☐ Confirm beneficiaries
☐ Identify liquid fund
☐ Determine who pays upfront

  1. Gather Digital Access

Often overlooked but extremely helpful.

Include
• Phone passcode
• Email access
• Financial logins
• Subscriptions
• Social media

Checklist
☐ Document phone access
☐ Document email access
☐ Document financial logins

  1. Create a Simple Information Sheet

Include
• Full name
• Social Security number
• Date of birth
• Advisor contact
• Attorney contact
• Account list
• Document locations

Checklist
☐ Create information sheet
☐ Share with trusted person

  1. Share Document Locations

Make sure the right people know where everything is.

Checklist
☐ Share document locations
☐ Provide copies to decision makers
☐ Confirm safe deposit box access

Where to Start First

☐ Have the conversation
☐ Identify decision makers
☐ Locate will and documents
☐ Double check life insurance beneficiaries
☐ Contact financial advisor
☐ List accounts
☐ Discuss funeral wishes
☐ Determine expense funding

You do not need to do everything today. You just need to begin.

About Rose Street Advisors Wealth Management

At Rose Street Advisors Wealth Management, we often walk alongside families during life’s most difficult transitions. When a parent’s health is declining, decisions become both emotional and practical. Many families are unsure what should be handled now versus later.

Our role is to bring clarity and calm during an uncertain time. We help families organize accounts, review beneficiaries, coordinate with attorneys, identify what will transfer smoothly, and prepare for the decisions that follow. Just as importantly, we help families avoid rushed decisions and focus on what matters most.

Planning ahead does not make this season easier emotionally, but it can remove uncertainty and reduce stress for everyone involved.

If your family is navigating this stage, we would be honored to help you think through next steps, answer questions, or simply provide guidance.

Jeremy Heavey

AIF ® , NSSA ® | FINANCIAL ADVISOR

Securities and Investment Advisory Services offered through M Holdings Securities, Inc., a Registered Broker/Dealer and Investment Advisor, Member FINRA/SIPC. Rose Street Advisors, LLC is independently owned and operated. File #5350478

Interested in more?

Let's Talk Proactive HR

When most people think about financial planning, they picture investments, returns, or picking the “right” funds in their retirement plan.

But meaningful financial progress doesn’t start there.

It starts with you; your values, your goals, and what truly matters in your life.

Financial life planning is not about chasing performance. It’s about building a thoughtful, coordinated process that aligns every part of your financial life with the life you want to live.

  1. 1. Start With What Matters Most

Before any numbers or strategies come into play, take a step back and reflect:

  • What does a fulfilling life look like to me?
  • What are my top priorities. Now and in the future?
  • What does retirement mean beyond just “not working”?

For some, it’s freedom and flexibility. For others, it’s security, family, or the ability to give back.

Your financial plan should reflect these answers. Not someone else’s definition of success.

Clarity here drives every decision that follows.

  1. 2. Build Around Your Goals. Not Just Your Accounts

Once your priorities are clear, your financial strategy should begin to take shape. This is where a true planning process comes into focus.

It’s not just about your workplace retirement plan.   It’s about how all the pieces of your financial life work together, including:

  • Retirement income planning – How your savings turn into a reliable paycheck in retirement
  • Asset location – Placing investments in the right types of accounts (tax-deferred, Roth, taxable)
  • Tax planning – Being thoughtful about how and when income is recognized
  • Insurance planning – Protecting against risks that could derail your progress
  • Estate and legal planning – Ensuring your wishes are carried out and your family is supported

Each of these areas plays a role. When coordinated well, they create a more complete and resilient plan.

  1. 3. Focus on What You Can Control

A disciplined approach emphasizes the factors you can actually influence:

  • Saving consistently
  • Keeping costs low
  • Maintaining appropriate diversification
  • Staying invested through market cycles

Markets will move and sometimes unpredictably. A sound plan doesn’t try to outguess those movements. Instead, it’s built to endure them.

This is where process matters more than prediction.

  1. 4. Invest With Purpose

Your investment strategy should reflect your goals, time horizon, and comfort with risk. Not short-term headlines.

That means:

  • Avoiding emotional decisions during market volatility
  • Maintaining a diversified portfolio aligned with your plan
  • Understanding that risk and return are connected

The goal isn’t to eliminate risk, it’s to take the right amount of risk for your situation so you can stay on track.

  1. 5. Revisit and Adjust Over Time

Life changes and your plan should, too.

As your career evolves, your family grows, or retirement gets closer, your priorities may shift. Regular check-ins help ensure your strategy continues to align with what matters most.

Think of financial planning as an ongoing relationship with your future and not a one-time event.

A Real-Life Example

Consider Laura, a 42-year-old employee participating in her company’s retirement plan.

At first, Laura focused only on her 401(k), contributing enough to get the match and choosing a few funds she felt comfortable with. But she wasn’t sure if she was truly on track.

When she stepped back and went through a financial life planning process, a few important things became clear:

  • Her top priority wasn’t early retirement. It was flexibility in her late 50s to scale back work and spend more time with family.
  • She realized most of her savings were in pre-tax accounts, so she began adding Roth contributions to improve future tax flexibility.
  • She updated her beneficiaries and estate documents, something she hadn’t revisited in years.
  • She reviewed her insurance coverage to ensure her family would be protected if something unexpected happened.
  • And importantly, she began thinking about how her savings would translate into retirement income, not just an account balance.

Nothing about Laura’s situation required a drastic change. Instead, small, thoughtful adjustments, aligned with what mattered most to her, helped create a clearer, more confident path forward.

Bringing It All Together

Financial life planning is about connecting the dots.

It’s aligning your:

  • Goals
  • Investments
  • Income
  • Taxes
  • Protection strategies
  • Legacy wishes

…into one cohesive plan designed around you.

When each piece is working together, decisions become clearer and more intentional.

Final Thought

You don’t need to have everything figured out today.

Start with what matters most. Build a process around it. Stay consistent.

Over time, those thoughtful decisions can turn into something much more meaningful than just financial progress.  They can support a life that truly reflects who you are and what you value.

Scott Higgins | AIF ®, CFP®, CPFA®, NSSA®

Financial Advisor

Securities and Investment Advisory Services Offered Through M Holdings Securities, Inc., a Registered Broker/Dealer and Investment Adviser, Member FINRA/SIPC. Rose Street Advisors is independently owned and operated. #5653321

Interested in more?

Let's Talk Proactive HR