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My dad is 87 still in good health but having some signs of memory loss (Dementia?) We still have a home in Guam but now my siblings and I are in split between CA and TX. My dad takes turns staying with one of us. My friends suggested that we really need to know everything about our dad's finances but we don't know where to start. He is still receiving a pension from civil service with the Navy, I don't think he has any social security because of his pension. Where do we start? What should we have and know about his finances? Thank you for any feedback and suggestions.

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Like blannie said, getting POA ought to be first on your list because you may not be able to access certain documents without it.

Second on the list would be getting your name on your dad's account. The one he pays his bills from. As POA and with your name on the account you will be able to write out checks for his bills and otherwise access this account.

Then get organized.

Good luck!
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Here's a good link. There are other good articles in the Money and Legal section on here.

https://www.agingcare.com/articles/taking-over-parents-finances-what-you-need-to-know-143865.htm
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First of all, one of you needs to get Power of Attorney for both Property and Health, if you don't already have that. That will enable you to make decisions for your dad when he's no longer able to handle them for both his healthcare and finances. It's particularly important if he's showing signs of dementia. You need to get that done while he's still of sound mind.

Then you need to get together the paperwork on any assets he has, including life insurance, stocks, bonds, CDs, and/or property. Get it together in one place and make sure you know where his records are kept. If he has a will, find it and keep it in the same place as his other records. If he doesn't have a will and has assets, try to get him to get one drawn up. Get his bank account numbers and bills he pays.

Get a copy of his discharge papers from the military and keep those handy. Find out if he named anyone else to receive his pension when he passes away. He'll probably get a small life insurance payout from the Navy (my dad was Air Force and I think my mom got $5k when my dad died). You'd have to contact the base that handles that for the Navy when your dad passes away.

I'm sure others will have other great info, that's what first comes to mind with me.
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