Hopefully, the virus is coming to an end. But what we learned over the past two years is that we need to be better prepared for the unusual. Often, we hear about celebrities who “didn’t get around to executing advance directives and/or a will,” but many of us don’t have our documents or life in order either. Take the time now to do these ultra-important tasks and make sure your
parents and grandparents do too. Below is a roadmap.
Advance Directives:
As many know, advance directives provide direction to health care workers when we are no longer able to directly give the direction. Many advance directives are not specific about intubation. They may say yes or no. Reports say the time spent on ventilators before having them removed is running 11 to 21 days and many patients are getting well enough to breathe on their own. You may want to check your advance directive to determine if the intubation clause still reflects your wishes.
Wills and Other Documents:
It’s time to review these documents if you have them and to get them prepared if you do not have them. Please make sure your loved-one’s documents are up-to-date. If there are trusts, make certain that they are current and include all assets since the trust was created. Too often
people buy property or other assets and do not remember to put them into the trust. If you can’t find the documents, file for a replacement.
Contact all advisors – attorneys, banker, asset manager, CPA to ensure everything is accurate, up to date and ‘on-file.’ Most importantly, make sure the legal documents are up to date (will, living will, durable power of attorney, medical power of attorney, trusts, etc.). If not or you don’t now, contact their attorney to schedule a review. And, of course, if you do not have a durable power of attorney, your loved-one must be present in any discussions involving them. Attorneys and other professionals will be happy to assist you.
Life Management:
If not done already, all of yours or your family’s information should be up to date. You need to know how much you are spending and on what. Start with a monthly budget to help determine if income and funds are covering expenses. Expenses – start with using bills as a guide for expenses. Don’t forget the annual and quarterly ones such as real estate taxes, insurance and water. Create a financial inventory of accounts. Make a list of IRA rollovers and annual mandatory minimum distribution requirements. Create a list of important documents such as legal documents, military records, titles, deeds, bank accounts and assets such as stock certificates. Make a list of mileage and other loyalty programs. Make a list of all online accounts with the user names and passwords. Make certain this information is secure. Prepare a list of all household information. If the person or family owns an outside business, the business information should be in the same place. If this information is done, now is the time to update it. The items should be all in one place, ideally in a notebook and backed up electronically (drive or cloud). Notify the person or persons you want to have access to this information. Contact your
advisors to provide them with the final, updated information. The categories should include:
Advisors and Other Important People
Legal Information and Directions
Financial Information
Income, Investments and Assets
Real Estate, Other Property and Valuables
Liabilities
Budget
Outside Business Information (if any)
Household Information
Final Wishes, Plan and Information
Workbook to Help:
To help our seniors, families, and busy professionals in preparing this all-important information, we created My Personal Record Workbook. Contact us for an electronic copy.
