Important Conversations

By Jeanette Bednar, Jarvis Management

Although covid risk remains, the world is opening up and the global pandemic appears to

be receding. For many, it is a summer of travel, and reconnecting in person with family and

friends.

As we visit and reconnect with our families, especially our senior family members, it is a

natural time for some important conversations about financial health and housekeeping. Many seniors have been alone and at home during the pandemic. Many routine matters, including financial matters, may have been unattended. Some of the topics in these important conversations with a senior family member may be:

1. Are your estate planning documents up to date? Along these lines, do you have estate

planning documents, including a Will, power of attorney and health care directive, in

place? Do you (and others) know the location of your original Will? Are you

comfortable with the disposition of your assets? Are you comfortable with your fiduciary

choices?

2. Do you have a list of all of your assets, including account numbers and passwords? This

can include old life insurance policies or retirement accounts, and even valuable tangibles

like jewelry, art or other collectibles. Do you have a handle on expenses, life insurance

premiums, required minimum distributions from retirement plans, and overall cash flow?

3. Could any of your accounts be consolidated to make your financial life simpler?

4. Have you had your attorney-in-fact under your power of attorney added to your bank and

investment accounts?

5. Do your doctors have copies of your health care directive, which appoints an agent to

make health care decisions for you in the event that you are unable to make such

decisions for yourself?

6. Do you need assistance paying bills? If so, then a senior billpay provider may be a

consideration.