No one ever plans to be sick or disabled. Yet, planning for these instances can make all the difference in an emergency. Use this as a guide to prepare yourself and your family.
What exactly is an "important paper"?
The answer to this question may be different for every family. Remember, this is a starting place. You may have other information to add. For example, if you have a pet, you will want to include the name and address of your veterinarian. Include complete information about:
Personal records
Full legal name
Social Security number
Legal residence
Date and place of birth
Names and addresses of spouse and children
Location of birth and death certificates and certificates of marriage, divorce, citizenship and adoption
Employers and dates of employment
Education and military records
Names and phone numbers of religious contacts
Memberships in groups and awards received
Names and phone numbers of close friends, relatives, doctors, lawyers and financial advisors
Medications taken regularly (be sure to update this regularly)
Location of living will and other legal documents
Financial records
Sources of income and assets (pension from your employer, IRAs, 401(k)s, interest, etc.)
Social Security and Medicare/Medicaid information
Insurance information (life, health, long-term care, home, car) with policy numbers and agent's names and phone numbers
Names of your banks and account numbers (checking, savings, credit union)
Investment income (stocks, bonds, property) and stockbroker's names and phone numbers
Copy of most recent income tax return
Location of the most up-to-date will with an original signature
Liabilities, including property tax— what is owed, to whom and when payments are due
Mortgages and debts—how and when they are paid
Location of the original deed of trust for the home
Car title and registration
Credit and debit card names and numbers
Location of a safe deposit box and key
Steps for setting your affairs in order
Put your important papers and copies of legal documents in one place. You can set up a file, put everything in a desk or dresser drawer, or list the information and location of papers in a notebook. If your documents are in a bank's safe deposit box, keep copies in a file at home. Check each year to see if there's anything new to add.
Tell a trusted family member or friend where you put all your important papers. You don't need to tell a friend or family member about your personal affairs, but someone should know where you keep your documents in case of an emergency. If you don't have a relative or friend you trust, ask a lawyer to help.
Discuss your end-of-life preferences with your doctor. They can explain what health decisions you may have to make in the future and what treatment options are available. Talking with your doctor can help ensure your wishes are honored and insurance may cover the visit.
Give permission in advance for your doctor or lawyer to talk with your caregiver as needed. There may be questions about your care, a bill or a health insurance claim. Without your consent, your caregiver may be unable to get the needed information. You can give your OK in advance to Medicare, a credit card company, your bank or your doctor. You may need to sign and return a form.
Important legal documents you may need as you age
Many different types of legal documents can help you plan how someone will handle your affairs in the future. Many of these documents have names that sound alike, so ensure you get the documents you want.
Also note that state laws vary, so learn about your state's rules, requirements and forms.
Wills and trusts let you name the person to whom you want your money and property to be transferred after your death.
Advance directives let you make arrangements for your care if you become sick. Two common types of advance directives are:
Living will provides you with a say in your health care if you become too sick to make your wishes known. In a living will, you can state what kind of care you do or don't want. This directive can make it easier for family members to make tough healthcare decisions for you.
Durable power of attorney for health care lets you name the person you want to make your medical decisions if you can't do it yourself. Ensure the person you name is willing to make those decisions for you.
For legal matters, there are ways to give someone you trust the power to act in your place.
A general power of attorney gives someone else the authority to act on your behalf, but this power will end if you cannot make your own decisions.
A durable power of attorney allows you to name someone to act on your behalf for any legal task, but it stays in place if you are unable to make your own decisions.
Help for getting your legal and financial papers in order
You may want to talk with a lawyer about setting up a general power of attorney, durable power of attorney, joint account, trust, or advance directive. Be sure to ask about the lawyer's fees before you make an appointment.
You should be able to find a directory of local lawyers on the Internet or at your local library, or you can contact your local bar association for lawyers in your area. Your local bar association can also help you find the free legal aid options your state offers. An informed family member may be able to help you manage some of these issues.
Frequently asked questions about getting your affairs in order
Getting your affairs in order can be difficult, but preparing for the future for you and your loved ones is essential. Gathering as much information as possible is vital to help ease the process. Here are a few questions you may have and some answers that can help.
Who should you choose to be your healthcare proxy?
If you decide to choose a proxy, think about people you know who share your views and values about life and medical decisions. Your proxy might be a family member, friend, your lawyer, or someone with whom you worship. Learn more about selecting a healthcare proxy.
My aging parents can no longer make their own healthcare decisions. How do I decide what type of care is right for them?
It can be overwhelming to be asked to make healthcare decisions for someone who can no longer make their own decisions. Get a better understanding of how to make healthcare decisions for a loved one, including approaches you can take, issues you might face, and questions you can ask to help you prepare.
How do you help someone with Alzheimer's or dementia get their affairs in order?
A complication of diseases such as Alzheimer's is that the person may lack or gradually lose the ability to think clearly. This change affects their ability to participate meaningfully in decision-making and makes early planning even more critical.
I am considering becoming an organ donor. Is the process different for older adults?
The U.S. government offers many resources for older organ donors and recipients. You can find information for potential donors and transplant recipients over age 50, including how to register to be a donor.
Source: U.S. Department of Health and Human Services
