| Everyone can use some help getting their financial | | | | your records in an emergency. |
| affairs in order, but especially senior citizens who may | | | | Consider renting a safe deposit box at your bank for |
| face special challenges and decisions involving money | | | | certain papers that could be difficult or impossible to |
| management later in life | | | | replace, such as birth certificates and originals of |
| Simplify your life: Have your Social Security benefits, | | | | important contracts. Don't put into a safe deposit |
| pension payments and other income automatically | | | | box anything you might need in an emergency, such |
| deposited into your bank account each month. Direct | | | | as your passport or medical-care directives, in case |
| deposits are safe, reliable and convenient. Also | | | | your bank is closed for the night or weekend. |
| arrange with your bank to automatically pay your | | | | Also, many experts generally advise against putting a |
| mortgage, utility bills, insurance premiums and other | | | | will in a safe deposit box because, in many states, |
| recurring charges. | | | | there may be complications accessing the will after |
| Doing so takes the hassle out of making scheduled | | | | the person dies. And remember that copies of wills |
| payments and helps avoid late charges or service | | | | aren't valid. Perhaps the best approach is to ask your |
| interruptions. You can also have automatic | | | | attorney for guidance. |
| withdrawals from your bank account to routinely put | | | | For the most important papers you keep at home, |
| a certain amount of money into a savings account, a | | | | consider an inexpensive but durable home safe. |
| certificate of deposit (CD), a mutual fund or a U.S. | | | | Toss old documents: Are you afraid to throw away |
| Savings Bond. | | | | old bank statements, bills, receipts and cancelled |
| Telephone banking allows you to use your touch-tone | | | | checks because you think you may need them some |
| phone to confirm that checks or deposits have | | | | day? We can't tell you when it's safe to throw away |
| cleared, get your latest balance or transfer money | | | | certain financial documents -that's for you to decide, |
| between different accounts at the same bank. And if | | | | perhaps after consulting with your accountant or |
| you own a home computer, consider banking and bill | | | | attorney. |
| paying quickly and easily over the Internet, 24 hours | | | | For example, cancelled checks with no long-term |
| a day, seven days a week. Internet banking and bill | | | | significance for tax or other purposes probably can |
| paying is usually free of charge or it costs less than | | | | be destroyed after about a year. Cancelled checks |
| what you'd spend on postage. | | | | that support your tax returns (such as charitable |
| Also consider opening a "cash management account" | | | | contributions, investments, home improvement costs |
| that combines cash, stocks and other assets into one | | | | or tax payments) should be held for at least seven |
| account with check-writing and credit card services. | | | | years and in some cases indefinitely. |
| These accounts usually involve an annual maintenance | | | | Also, to avoid becoming a victim of identity theft, |
| fee. | | | | shred any document that contains a Social Security |
| Update your will and other legal documents: Who will | | | | number, bank account number or other personal or |
| inherit your savings accounts and other property | | | | financial information. A crosscut shredder that turns |
| when you die? Who else should have access to | | | | paper into confetti is highly recommended by |
| checking accounts to pay bills if you're hospitalized? | | | | experts. |
| What kind of medical treatments do you want to | | | | Take precautions with old accounts. For the benefit |
| receive - or avoid -if you become critically ill? These | | | | of your heirs, either dispose of proof of old bank and |
| are the kinds of questions you should be asking | | | | brokerage accounts, life insurance policies and other |
| yourself, preferably in consultation with family | | | | assets you no longer own (again, assuming you don't |
| members and your lawyer or other experts. Your | | | | need the documents for tax or other purposes) or |
| answers to these questions may require actions | | | | clearly mark them as being sold or cashed in. |
| involving important legal documents and how you set | | | | Otherwise, loved ones who discover the information |
| up various bank accounts. | | | | after your death could waste a lot of time and |
| Some matters may be handled as part of your will. | | | | effort researching these mystery accounts when |
| Others may involve having or updating a "durable | | | | there is no money or property to be claimed. |
| power of attorney" (authorizing someone to handle | | | | On the other hand, people do lose or forget about |
| your finances, property or other personal matters if | | | | money or property. It's easier than you think. For |
| you become mentally or physically incapacitated), a | | | | example, you may move and fail to give a |
| "living will" (instructions about future medical care if | | | | forwarding address to a bank where you have a |
| you become ill and are unable to communicate your | | | | small savings account. Or, you may change your |
| wishes) or a "health care power of attorney" | | | | name and not notify your banks or other companies. |
| (designating a family member to make decisions | | | | That's why it's important to keep records of your |
| about medical treatment). Having these health-related | | | | finances, note which accounts have been closed or |
| directives can prevent unwanted and potentially | | | | cashed in, and make sure your financial institutions |
| costly medical procedures. | | | | and others who owe you money have your current |
| You may want to hire an attorney specializing in elder | | | | address. |
| law or "estate planning" (how money and property | | | | In most cases, after a certain number of years of |
| and other assets can go to your heirs with a | | | | being "unclaimed," assets are transferred to the state |
| minimum of costs, taxes and hassles). | | | | government, where they still can be claimed by the |
| Organize and protect your important documents: | | | | rightful owners. You also can begin a search for |
| Make sure your bank and brokerage statements, | | | | assets of any sort that have been sent to a state |
| insurance policies, Social Security and company | | | | by going to the Web site of the National Association |
| pension records, and other personal and financial | | | | of Unclaimed Property Administrators. |
| papers are in a safe place and easy to get to. | | | | And one final warning: Beware of frauds involving |
| As the victims of recent hurricanes, floods and other | | | | companies offering to "find" your unclaimed property. |
| disasters have learned, it's wise to take extra | | | | There are reputable companies that, for a fee based |
| precautions with essential records. For the most | | | | on actual recoveries, will help people who don't want |
| important original documents, such as wills, passports | | | | to take the time to research unclaimed property or |
| and birth certificates, seal them in airtight and | | | | whose cases may be unusually complex. But some |
| waterproof containers to prevent water damage. | | | | companies may charge fees up-front based on |
| Make backup copies and consider giving duplicates to | | | | misleading claims or for services you could easily |
| loved ones -or at least let them know where to find | | | | perform on your own. |