Caregivers, Expect a Scavenger Hunt: How to Prepare

Before my father’s dementia was diagnosed, I had a high-level view of my parents’ financial picture. I knew which banks they used, the types of investment accounts they held, and where their car insurance policy files were kept. I even had a general sense of where important documents lived in the house. We had used the same Ottawa lawyer for our wills and power-of-attorney paperwork, and I knew that, per our lawyer’s advice, the originals were sealed in ziplock bags and stored in the back of the freezer — an odd but effective tip to protect documents from fire or water damage.

When it became clear I would need to take a much more active role managing both financial and health-related matters, I realized “high-level” knowledge wouldn’t be enough. I needed access to everything: bank statements, investment records, insurance policies, bills, contracts and medical paperwork. What I expected to be a tidy filing system turned out to be messier in practice. My parents were careful about keeping documents, often bundling them with elastic bands and tucking stacks into a few locations. But as I dug in, I encountered letters and statements from companies and services I’d never heard about.

Managing another person’s finances on top of your own is overwhelming. Unless you love bookkeeping, sorting through decades of statements, invoices and legal papers is not likely to be anyone’s idea of fun. From my experience working with clients, I can say many caregivers dread this task. If you like puzzles and scavenger hunts, you might find it tolerable. If you feel anxiety or dread, that reaction is completely normal.

Where to start? Look for relationships

Before launching into a search for statements and invoices, identify the people and organizations that hold the keys to information. Building relationships with these gatekeepers will save time and unlock access to accounts, records and services. The network of contacts can feel endless, so break them into groups based on the money that flows in and out of your parents’ lives.

Start with the social and family circle: your parents, siblings, other relatives, close friends and neighbours. Some of these people may already be managing appointments or helping with bills. Siblings in particular might have partial knowledge or access.

The next circle includes legal and professional contacts: accountants, tax preparers, lawyers and any fiduciaries who handled wills, trusts or power-of-attorney documents. Securing the original legal documents is often the fastest route to getting authority to act and to persuading institutions to speak with you. In my case, having those documents readily available opened many doors and avoided lengthy disputes about permission.

Government agencies form the third circle. Municipal, provincial and federal institutions manage identification, tax records, pensions and social benefits that seniors rely on. These organizations are increasingly accessible online or by phone, but expect long hold times and procedural steps to verify identity. You’ll need to gather income tax returns, property tax receipts, pension information, health cards, passports, driver’s licences and any records related to social benefits or disability supports.

The fourth circle covers financial institutions: banks, credit-card companies, insurance carriers, investment firms and any entity that pays a pension or annuity. These organizations will often require documentation before adding you to an account or sharing details, but once you are recognized as an authorized contact, statements and alerts can be directed to you.

Making sure the bills get paid

Next, identify recurring expenses and the organizations that bill for them. Review bank and credit-card statements first: they provide a clear record of regular payments. Below are typical categories to check while ensuring bills are paid and services remain uninterrupted:

• Life insurance

• Home, auto and property insurance

• Medical or supplemental health insurance

• Long-term care insurance

• Phone, internet and communication plans

• Entertainment subscriptions (cable, streaming services, memberships)

• Rental or mortgage payments and any landlord or property-management contacts

• Utilities (electricity, heating, water)

• Any other recurring services or contractual obligations

Many older adults still prefer paper bills. Expect stacks of mailed statements and receipts, sometimes stretching back many years. You only need to retain certain documents for defined periods — for example, most tax and warranty records need not be kept forever — so plan to sort and securely shred what’s no longer required to reduce the risk of fraud or identity theft.

Stepping in as the first point of contact

Finally, compile health-related contacts: family physicians, specialists, dentists, pharmacists, eye-care providers and allied health professionals. Coordinating appointments, medications and medical records is often part of financial caregiving, because health needs and costs are tightly linked.

Most institutions will request proof of identity and your authority to act before sharing sensitive information. That evidence may range from a driver’s licence or passport to legal papers such as a power of attorney or guardianship order. Prioritize getting your name added to accounts and files so you begin receiving statements and notifications directly.

This process is ongoing. As soon as you feel you’ve found every account, another statement may appear. For example, as my father’s dementia worsened, he opened several small bank accounts in-person that I had not known about. Even when the balances were small, each new account required time to locate and close or consolidate. The work can feel like running on a hamster wheel.

Over time I learned that documents are important, but relationships are more powerful. Building trust and communication with family members, legal and financial professionals, government representatives and healthcare providers gives you the practical leverage to manage known issues and to uncover unknown ones. That network — not just a box of papers — is what helps you stay organized and effective as a financial caregiver.

Read more about retirement planning:

• 3 signs you need to take control of your parents’ finances
• Caring for a parent? Get a power of attorney
• In planning for retirement, worry about longevity rather than dying young
• CPP payment dates in 2026, and more to know about the Canada Pension Plan