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Eight steps to managing a parent’s finances

Bankrate recently released a step-by-step guide for people who find themselves needing to manage their parent’s finances. The eight steps include:

1. Finding all financial accounts and documents.
2. Collecting and paying bills.
3. Locating powers of attorney and/or living trust documents.
4. Opening your parents’ safe-deposit box.
5. Becoming a parent’s guardian.
6. Documenting everything you do.
7. Consider hiring a financial planning team.
8. Consider updating investments.

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