A recent study completed by Wells Fargo found that one out of every six older Americans knew that their financial documents are out of date. Many individuals put off these tasks because they assume a lack of urgency and that it is not important to deal with right away.

However, any time that you get prompts from a technology platform, an estate planning attorney or a financial advisor showing that your accounts may need to be updated, this is a good opportunity to review and verify that all of your beneficiary information and other planning tools are in line what you intend to accomplish. Furthermore, if you’ve done your estate planning but haven’t explained your goals and intentions to your family, this is another way that you can be exposed to problems. Not talking about your money will avoid you making a plan for what would happen if you were to become unable to handle your financial affairs.

This is particularly problematic in the event that you develop dementia or another cognitive problem later on. You want to have these wishes articulated clearly and communicated to key stakeholders so that you can avoid the possibility of problems in the future.

Make sure that you talk over what you want your plan to include with your lawyer and then make a strategy for informing loved ones.

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