- Review insurance policies (life, health, disability, etc.) to ensure coverage and beneficiaries are up to date.
- Consider creating a will to ensure assets are distributed according to wishes.
- Determine lifestyle needs in retirement and consider strategies for ensuring financial security.
- Make a list of assets and liabilities to determine total net worth.
- Consider setting up a trust to manage assets and provide for dependents in the event of death or incapacity.
- Draft a power of attorney document authorizing someone else to make financial and/or health care decisions in the event of incapacitation.
- Decide who will be responsible for caring for minor children if something happens to you and your spouse.
- Create an advance directive (living will) outlining your wishes regarding end-of-life decisions and medical care in the event of incapacitation.
- Consider purchasing long-term care insurance if there is a risk of needing long-term care due to age or illness.
- Prepare an inventory of all estate documents, including deeds, titles, bank statements, investment account statements, tax returns, etc., and store them in a safe place that can be easily accessed by family members or other designated individuals when needed.
