Avoid titling assets between generations.
Do you have a will? When was the last time you updated it? Have you named
a guardian for minors if you
have children? Have you named a financial guardian?
Have you established a living trust?
Do you have a Power of Attorney?
Do you have a Healthcare Power of Attorney? Authorizing someone to make
medical decisions on your
behalf.
Do you have a Living Will/Advanced Medical Directive? Indicates the type
of care you would want if you
were terminally ill or permanently unconscious.
When
was the last time you checked your beneficiary designations for your
retirement accounts and insurance
policies?
Do you have a personal financial inventory listing: your professional
advisers, insurance policies, and
investment accounts that your survivors might have to scramble to find in the event of your death or other crisis. (Names and phone #s
of your attorney, accountant, financial
adviser, location of important documents such as wills, powers of attorney,
property deeds, a listing, with
account numbers and document location, for all insurance policies, bank accounts, investment accounts, credit card accounts
and loans; the location of a safe-deposit
box, and the keys). Be sure that loved ones or advisers know where the
inventory is stored.