We often hear about how important it is to be familiar with your aging parents’ (or other family members’) finances, but it is often easier said than done to summarize and organize these matters.

It’s a tough thing to talk about because many people were raised to believe that money matters are an intensely personal and private matter. But, the fact is that any of us could be called upon at any time to be in charge of or assist with the finances of someone else. Remember, the 40/70 rule is a good indicator of when it’s time to talk about it, but the earlier the better when you can.

Always consult your legal or financial adviser, but some of the issues to consider:

• Assets – Make a list of checking and savings accounts and investments such as 401(k) accounts, stocks, certificates of deposit and life insurance polices. Also include other assets such as residential and commercial real estate.

• Income – How much money comes in to your parents and from where? Are there pensions or Social Security benefits?

• Other valuables and documents – Do your parents have safe deposit boxes? Where are they? Where are the keys? Whose names are on the signature cards? Where are their important documents stored? What about valuables such as jewelry, antiques and collectibles? Where are their birth certificates and their Social Security and driver’s license numbers?

• Insurance – How much and what types of medical, life and long-term care insurance do your parents have? What do their policies cover? Do they have supplemental insurance? How are the payments made – you need to know this to prevent coverage termination due to a payment lapse.

• Wills – Do your parents have wills? Who have your parents named as executors, trustees and powers of attorney, and do you know how to contact them? If your parents don’t have wills, urge them to work with an attorney and create them so they can avoid potentially huge tax consequences.

It’s also very important to contact each pertinent institution to find out what their requirements are for acting on someone else’s behalf should you be in a position to act as a power of attorney or other legal representative. With various privacy laws, you may not be able to get the information you need if there isn’t proper documentation.

Even if you can’t relate to needing this type of information about your parents because they are young and in good health, it’s still a good idea to broach the subject with them from a “what if there was an emergency?” approach.

Perhaps it is information they could prepare and store in a safe deposit box or with a lawyer if the discussion is deemed too awkward.

Additionally, do you have this type of information on hand for your own finances? In an emergency or under stress, this type of important information may be too difficult to remember.