Is it time to review your aging checklist? Forbes published an article about the importance of this document and how it fits with your retirement and estate plan. Below are some of the key points.
By Elyse Umlauf-Garneau
While you’re planning your downsizing strategies, it’s also worth taking a look at Forbes magazine’s aging checklist.
It offers some crucial to-dos in six crucial categories. The categories and some of the advice are:
- Estate planning documents. Include up-to-date wills, durable power of attorney for finances and healthcare, and a healthcare directive.
- Finances. Provide contact information for financial advisors, lists of all accounts, and up-to-date beneficiary designations.
- Insurance. List insurance policies, review health insurance coverage, and other policies – homeowners, auto, umbrella liability – to be sure they’re still appropriate, and provide the contact information for your insurance advisors.
- Housing. Consider whether your house is suitable for aging and what modifications need to be made. Think about whether you should downsize and when such a move would be appropriate.
- Health. Keep an updated list of your doctors and medications.
- Technology. Keep a list of all your online logins for banks, investment accounts, social media sites, and so forth.
- Business. Create succession plans, if you own a business.
- Personal. Specify in writing who will manage your financial, legal, and personal tasks.