When preparing for the future, seniors and their families can follow this check-list to ensure their needs have been addressed.
- Finances
- Make a list of all financial accounts and the locations of where the accounts are held.
- List contact information for financial advisors.
- Consolidate some accounts as necessary.
- Verify the correct names of owners and permissions on each account.
- Review any pension and social security benefits.
- Assess whether existing income continues to meet current needs.
- Streamline bill-paying with automatic or online payments if possible.
- Verify beneficiary designations are consistent with estate plan.
- Offer your Power of Attorney to your financial institutions
- Investments
- Compile a list of investments like CDs, IRAs, annuities, stocks, real estate properties, or other investments.
- List contact information for entities that manage these investments.
- Locate account numbers and original documents related to these assets.
- Know the value of the investments.
- Ensure these assets are titled correctly and consistent with legal documents.
- Ask your investment companies if they have your Power of Attorney on file or if they their own paperwork for similar permissions.
- Insurance
Policies
- Identify all insurance policies like life insurance, health insurance, long-term care insurance, home and auto insurance, umbrella policies, and any other policies.
- Locate copies of each policy.
- Schedule a review with an insurance advisor to review policies and coverage.
- Explore options for long-term care insurance.
- Verify the beneficiaries for any policies with death benefits.
- Ensure a trusted person will receive notices of premium payments so that policies do not lapse.
- Living Arrangements
- What are the current living arrangements? Are these working?
- Identify close friends, family members, spiritual advisers, or neighbors to build a stronger support network.
- What are the plans for illness, disability, or death of a spouse or partner?
- Is there money to pay for unfortunate health or other financial circumstances?
- Are there caregiver agreements in place? Should there be?
- What options are available if driving is no longer an option?
- Compile a list of important professional and personal contacts and provide the list to trusted people.
- Legal
Documents
- Is there an updated Durable Power of Attorney for finances?
- Is there an updated Health Care Power of Attorney with advance directives?
- Are there updated estate planning documents like Wills or Trusts?
- If there a trust, who are the trustees and beneficiaries and is the trust funded?
- Where are the original legal documents? Who has copies? Who can legally access the originals?
- Is the senior a Veteran? Where are any important military papers?
- Review legal documents annually.
- Digital
Assets/Access
- List important online accounts and access to the accounts, smartphones, and computers.
- Identify the usernames or email addresses affiliated with these sites.
- Keep this list in a secure location.
- Safe
Storage
- Save important documents in a fire-proof safe or a safe deposit box.
- Ensure a trusted person has access to these documents in case the senior is unable to access these documents.
- Other Important
Documents
- Keep a photocopy of important documents that you carry in your wallet, including photo ID, credit cards, Medicare card in a safe place in case of theft.
- Let trusted people know where to locate passports, Social Security cards, and other important papers.
- Healthcare
- Maintain a list of health providers and current medications.
- Send updated Health Care Power of Attorney with advance directives to health care providers.
- Compile a list of wishes for various medical scenarios.
- Ensure health insurance and supplemental policies support the senior’s wishes.
- Mobile seniors should keep a copy of these documents stored on a thumb drive in their vehicle or under the “emergency” tab of some smartphones in case of a health emergency while traveling.
- Trusted People
- Make sure your trusted people who will serve as an Agent, Executor, or Trustee know and understand their role.
- Make sure your loved ones, friends, and family members know that you have plans in place with key trusted people to act on your behalf.
- Arm your trusted people with contact information for family, physicians, financial advisers, insurance agents, attorneys, and tax advisers.