After all of my years in the financial advisor industry and in dealing with elderly clients, I have come up with 9 critical steps to protect aging parents and/or clients.
These steps are:
1. Policy Review: Review all life insurance policies, annuities and IRA accounts to verify primary and contingent beneficiaries. List account numbers and contact information
2. Durable Power of Attorney: Establish Durable Power of Attorney and name appropriate person to hold that power.
3. Health Cary Proxy: Identify Health Care Proxy and describe extent of care desired through a living will. I suggest you use Five Wishes Form from www.agingwithdignity.org
4. Long-Term Care Plan: Discuss long term care plan with parents.
5. Trust Agreements: Review will and any trust agreements to determine if still relevant and confirm who executor/executrix and trustee is.
6. Financial Accounts: List all bank and investment accounts, identifying account numbers and who the legal account holder is.
7. Internet-based Accounts: Identify all internet based accounts, listing web address, user name and password. List beneficiary for each account.
8. Key Professional Contacts: Identify all key professional contacts including, attorney, financial adviser, accountant, banker and spiritual adviser. Note desired contact information.
9. Maintaining Records: Maintain a record of where all the above forms, documents and information are stored. I suggest using either a three-ring notebook or a web-based Dropbox for storage. Make sure your spouse and children know the location of these records.
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