Time to Refresh Those Docs

When the last time you reviewed your retirement, financial, estate or other plans and documents? You’d be surprised at what you’ve forgotten to update, or better yet, what’s actually in those documents.

It’s understandable why you haven’t updated your important paperwork. You felt safe and assured that you had all documents and plans in place and protected.

And let’s face it, you didn’t really listen to what the advisor was saying about updates. You figured you’d receive an alert—but that didn’t happen either.

It’s time for a review and refresh to make sure things are as you remember them and as you want them. Do your documents, especially your will, reflect property bought or sold, grandchildren born, new investments, medical information?

Also, many people don’t realize or remember that they must share any new information with their lawyer, financial advisor or tax advisor. Unfortunately, when they do remember, it may be too late.

Speak with your advisors about how to update confidential items privately and securely online using a digital signature. Some document updates will require an in-person meeting.

It might also be the time to share your information with your children so they’re fully aware of what your big picture looks like. It also puts all family members on the same playing field.

You may be uncomfortable having a conversation with your kids about what they should know in case of your death or incapacity, but it’s necessary! It’s a tough conversation and a courageous one.

Make sure to assign all articles/properties and investments—don’t leave loose ends that might cause conflict. Also, prepare something that gives direction on how to handle matters.

It’s also a good idea to state why/how you assigned the items. If possible, you want to provide the decision-making process you used for the assignments.

Eliminate conflicting or confusing information. Be clear and succinct, yet state the facts.

Implementing these suggestions will help add clarity, purpose and reason to your planned decisions. It’s part of positive aging that’s key to your peace of mind and your family’s.

Pat Landaker is a Certified Senior Advisor (CSA) and a Senior Lifestyle Consultant. She is owner of the Living La Vida Senior brand, serves on the City of Henderson’s Senior Citizens Advisory Commission and teaches Positive Aging at UNLV/OLLI. Contact her at [email protected].

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