What documents should my parents have in place as they get older?

Planning while everyone is healthy is the best time to do it. The documents most people consider are:

• Will (and possibly a trust) covering who inherits
• Financial power of attorney so someone can manage money if they cannot
• Healthcare power of attorney or proxy naming a decision-maker for medical care
• Advance directive or living will setting out treatment wishes
• Updated beneficiary designations on pensions, insurance and retirement accounts

Names and formalities differ between countries and provinces or states. It also helps to keep a simple list of accounts, advisers and where originals are stored, and to talk openly as a family about their wishes.

This is general information, not legal advice — speak to a licensed lawyer about your situation.