9 Critical Steps to Protect Your Aging Parents

  1. Review all life insurance policies, annuities and IRA accounts to verify primary and contingent beneficiaries. List account numbers and contact information
  2. Establish Durable Power of Attorney and name appropriate person to hold that power
  3. 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. Discuss long term care plan with parents
  5.  Review will and any trust agreements to determine if still relevant and confirm who executor/executrix and trustee is.
  6. List all bank and investment accounts, identifying account numbers and who the legal account holder is.
  7. Identify all internet based accounts, listing web address, user name and password. List beneficiary for each account.
  8. Identify all key professional contacts including, attorney, financial adviser, accountant, banker and spiritual adviser. Note desired contact information.
  9.  Maintain a record of where all the above forms, documents and information are stored. I suggest using either a three ringed notebook or a web based dropbox for storage. make sure your spouse and children know the location of these records