There comes a time when adult children begin to help their aging parents. At first, they may lend a hand with repairs around the house and grocery shopping. But, eventually, they should also consider helping their parents make sure their financial affairs and estate planning documents are in order and up-to-date.

"In some families, parents are very willing to share this information with family members; in others, parents can be reluctant to share," says Frank Fisher, a trust officer with Fifth Third Bank. He believes there is value in older adults communicating their estate planning arrangement with their adult children and organizing family meetings to facilitate these discussions.

But what should families do when parents are not as willing to disclose their financial affairs or fail to get to this important task of estate planning? Fisher offers the following advice:

Know your parents' power of attorney
Parents often designate a son or daughter to serve as power of attorney for finances and health care, which allows them to make decisions on their parents' behalf should they become unable to do so themselves. "Being named power of attorney opens the door to ongoing discussions about parents' assets and accounts," Fisher says. "When one sibling is designated power of attorney, family relationships usually benefit when that individual keeps all family members informed of the parents' affairs."

Some parents decide to name someone outside their immediate family as their power of attorney. In these cases, it is important for children to know who that individual is and how to contact him or her in an emergency.

Keep a list of your parents' advisors
"When parents prefer to keep their financial affairs to themselves and the surviving spouse dies, it can be a detective process to unearth everything they had," Fisher says. To prevent this from happening, he encourages children to ask their parents to list all their advisors. "This will respect the parents' desire for privacy and make it easier to locate important information when the time comes," Fisher says. This list typically includes:

• the attorney, who drew up the parents' will
• the accountant, who prepared the parents' tax returns
• the life insurance underwriter
• any financial professionals and their respective firms

Should your parents have a trust?
Some older adults may want to establish a trust to minimize tax consequences after their death, especially if they have a more substantial estate. Others may want to establish a trust for beneficiaries who may have special needs or trouble managing money. To learn more about trust services, it is helpful to contact a financial professional.

Other tips and concerns
Fisher also encourages adult children to remind their parents to periodically review wills, insurance policies and accounts to make sure all beneficiaries are up to date. "This can eliminate the need for court intervention during a crucial time," he says. It is also helpful for older adults to have their funeral and burial arrangements in place and to make their plans known to family members. Fisher also encourages family members to help older adults periodically re-evaluate retirement accounts to make sure they can still accommodate current lifestyles and future plans.

For more information on helping parents with estate planning, contact Fifth Third at (866) 475-4201 or visit 53.com.

Fifth Third does not provide legal or tax advice. Please consult your legal or tax advisor before making any decisions or taking any action based on this information.