Documents You May Need As You Age—Learn Why A Reduction In Your Cognitive Abilities Should Be A Cause For Concern
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
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
- a durable power of attorney (springing-takes affect only when
you are deemed unable to make a decision or)
- a health-care proxy (authorizes
another family member to make medical decisions on your behalf if you can't do
You could also complete a HIPAA form which would
allow medical providers to inform a family member about your health status and
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.
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.
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The above article was written by Thomas (TJ) Underwood. Thomas (TJ) Underwood is a former fee-only financial planner, a former top producing loan processor and is currently a licensed real estate broker in the state of Georgia.
He is the writer behind The Real Estate & Finance 360 Degrees Series of Books that include The Wealth
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He is the creator of TheWealthIncreaser.com where he regularly blogs about helping
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He’s always looking for
ways to make intelligent
finance improvement happen for those who “sincerely desire”
success in their future. He was the first financial planner to coin the phrase "financially alert mind"
and he consistently writes in a style that is designed to provide
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You can contact
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He is also an IRS registered tax planning professional with over 30 years of tax experience and can be reached at:
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City, GA 30269
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