A national study of women’s financial needs and preferences identified “being caught in the middle” as the single most significant challenge respondents indicated they would face in the coming years. To help address this burden, the Family Wealth Advisors’ Council created a series of checklists and tools through their Women of Wealth initiative. 

Checklist 

  • Determine who will be the main contact in the family for helping to plan for future aging stages. It is not uncommon for duties to be split between multiple individuals.
  • Locate wills and health care directives 
  • List advisors and important contacts. This may include:  
    • wealth manager/financial planner
    • attorney
    • doctor and other health care professionals
    • accountant
    • insurance agents (long-term care insurance, life, property & casualty insurance)
    • clergy, pastor, or spiritual advisor
    • close friends and/or relatives nearby
    • adult daycare centers
  • Review finances and key documents. Make note of the passwords for the computer and other important accounts
  • Monitor checking and credit card statements for potential abuses and unusual spending patterns. 
  • Create a list of current medications, dosages, and prescribing physician. 
  • Determine if there are safety deposit boxes. Create a comprehensive list of contents. 

Investigate various advocacy groups. Resources may be found through the National Family Caregiver Support Program, a program enacted as part of the Older Act of 2000.

Disclosure: SYM Financial Corporation (“SYM”) is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about SYM, including our investment strategies, fees, and objectives can be found in our ADV Part 2, which is available upon request.