Here’s a recommended list of financial and life topics to cover with your family meeting.

Adult family members might be encouraged to review it before an initial conversation, and then use each item as a platform for discussion. Think of it as a conversation starter:

1. Do you have an updated will. Attorneys usually recommend that all adults have one, not just senior family members.)
2. Are there specific family heirlooms you would like to give to specific family members, or is there something special you would like to receive some day? These decisions can be included in a will.
3. Do you have guardians for minor children?
4. Do you have a durable power of attorney?
5. Do you have a living will and/or a medical power of attorney? You have a legal right to specify the level of care you wish to receive if you are incapacitated. Most importantly, you can designate the individuals responsible for making such decisions.
6. Are your life insurance, pension, IRA, and annuity beneficiary designations current?
7. Are all your important documents in one place, such as a safe deposit box? Are designated family members’ names on the signature card?
8. Do you have an available list of important information? This might include bank accounts, retirement accounts, other financial accounts, life insurance policies, and other assets, as well as the names and contact information of your attorney, accountant, New York Life agent, and other professionals.
9. Do you need to contact your attorney to update your will, or do you need to contact your life insurance agent or financial advisor to review your life insurance and other financial concerns?

Managing family financial information
Sometimes it’s difficult to have the answers to these questions right at your fingertips. But it’s important to know your loved ones can find your life insurance policy or will, should something come up. So, we have come up with something to help.