Here are the five financial conversations everyone should have with their parents (or have with their adult children).

1. Do they have a will? If not, state intestacy rules decide everything. The conversation is uncomfortable but the alternative is worse.
2. Who has power of attorney? If they become incapacitated, someone needs legal authority to manage their finances.
3. Where are the accounts? Not necessarily the balances — just the institutions and account types. Surviving family members often spend months finding assets.
4. What are the beneficiary designations? Retirement accounts and life insurance pass by beneficiary designation, not will. These should be reviewed and updated after major life events.
5. What do they want for end-of-life care? This overlaps with healthcare proxy and advance directive. Having the conversation before it's needed is far easier than during a crisis.

I had this conversation with my parents when my dad turned 70. It was awkward for about 15 minutes and then genuinely relieving for everyone.