Managing a parent's finances can be complex and at times overwhelming. Caring.com's Senior Editor Melanie Haiken shares her eight-step plan that provides logical guidance in, "Managing Your Parents' Finances: Managing Mom's Budget? An 8-Step Plan to Cover Your Bases."

Here's an excerpt from the story:

Managing your own money isn't easy under the best of circumstances, so it's not surprising that most people feel overwhelmed when it's time to step in and take over the management of their parents' finances. But as is the case with any large project, what feels impossibly complex taken as a whole becomes much more manageable when broken into parts. So, let's start at the beginning, and separate the process of managing your parents' finances into sequential steps. Done this way, all you have to do is put one foot in front of the other, and you're on your way.

1. Locate All Accounts and Documents
Your first responsibility as your parents' financial manager is to do some sleuthing. If your parents are competent to discuss their finances, get a head start by asking them these five basic questions about their finances. Then start going through files — you want a clear picture of every asset they have. Start with savings and checking accounts, retirement accounts, investment accounts, and pensions. But that's just the beginning…"

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