As You Reach Your Elderly Years You May Need These Documents
If you are over age 75, make sure that you are mentally in position to handle your finances as the normal wear and tear of aging can make reviewing your bank statement and financial portfolios more daunting.
Cognitive impairment should be a real concern as
you age and you and your family should have a plan in place to deal with this
You should also be aware of scammers and those
who try to defraud you out of your retirement savings by offering services or
financial products that do not have your best interest at heart.
As you age and your mental faculties deteriorate
If you have a will (you should have one—if not you should address that need immediately) and revocable trust you could give a co-trustee (possibly a family member) power to use the money according to the rules of the trust.
The will would inform your heir's of what to do with assets outside of the trust after your transition.
Keep in mind that Estate Planning can get complex so be sure to obtain competent legal advice in addition to weighing options that you feel might work for you and/or your family.