Most of us have worked our entire adult lives to earn and save money. As we age we must take into consideration the unknown and be proactive, especially when it comes to our financial, and other business matters. Below are 3 tips to ensure your business and financial matters will be taken care of even if you, for whatever reason, are no longer able to do so independently.

  1. Name a Durable Power of Attorney: This should be someone who you trust immensely as they will be making decisions for you regarding your financial and business matters.  An Elder Law Attorney can assist you in creating this legal document. For it to be legal, it must be filed with the county in which you live.
  2. A second person named on your bank account: While the Power of Attorney is an important resource to have while you are living, and gives your named POA the ability to act on your behalf, it is null and void at death. Thus, if you unfortunately pass away, your accounts, in which you are the only named person, will freeze and put a delay on anyone handling any type of business on your behalf. People often choose their spouse, a child, or a sibling, but it does not have to be an actual family member, just someone you trust with your hard earned money.
  3. A Personal Business Notebook: A Business Notebook is a centralized location to keep important information. This could be something you make on your own or you can download fill-in-the-blank forms offline to be your guide. In this book you should keep any websites that you use to pay bills, along with the login and password information associated with them. A list of important documents such as insurance policies, Last will and Testament, retirement plans, etc. and their locations should be kept here as well. Additionally, a list of any important contacts and their contact info, such as your attorney, financial adviser, and insurance agents, ought to be kept here. Make sure to let your power of attorney know where you keep this important book or even better – Show them!