“By failing to prepare, you are preparing to fail.”
-Benjamin Franklin
Planning ahead with the right legal documents is one of the most important steps older adults can take to protect themselves, their loved ones, and their estates. Having these documents prepared before they are needed brings peace of mind, ensures wishes are respected, and helps families avoid unnecessary stress during difficult times.
Below is a guide to the key legal documents and personal records every older adult should consider having in place.
A will is the most well-known document for estate planning and serves as the foundation for the process. The will explains how assets should be distributed after death and names an executor to carry out those wishes. In the event of someone dying without a will, known as intestacy, state law determines how property is divided. This may not reflect personal preferences so planning ahead with the preparation of a will is important.
Assets can be transferred into a trust while still under the individual’s control. The existence of the trust can streamline the distribution of property more quickly after the time of death, while also avoiding court intervention. One can serve as their own trustee and name a successor to step in when needed.
Beneficiary designations on accounts like bank accounts, life insurance policies, or retirement funds, usually override instructions in a will. Because of this, they should be reviewed regularly, especially after major life events including the birth of a child, marriage or divorce.
All insurance policies should be identified. These policies can include life, long-term care, health, auto, and home, and wherever needed, beneficiaries should be assigned.
Ensuring that documentation regarding medical conditions and medications/treatments will help ensure that healthcare providers are able to make decisions in a prompt and informed manner.
This document outlines preferences for medical treatment if a person cannot make decisions on their own. It can include choices about CPR, mechanical ventilation, feeding tubes, pain management, and comfort care. Having these instructions in place relieves loved ones of the burden of making difficult decisions in uncertain moments.
The Health Insurance Portability and Accountability Act (HIPAA) protects patient privacy. A HIPAA authorization allows trusted individuals to access medical information and speak with healthcare providers on an individual’s behalf.
This gives a trusted person authority to manage financial matters, from paying bills to handling investments. It ensures that finances are managed smoothly if a senior becomes unable to do so themself, avoiding the need for a court-appointed guardian. It is best to check with your financial institution for their specific processes regarding power of attorney designation. Guardian of Affairs-can be appointed by the courts through a petition by family members. This person can make financial and medical decisions if the individual is not able to and didn’t designate a power of attorney.
Organizing deeds to real estate, vehicle titles, and other ownership records prevents delays or confusion when those assets need to be managed or transferred.
Keeping certain personal records and financial information in a secure but accessible place is equally important. These may include:
These documents are often needed for benefits, identification, or estate administration.
Creating a list of important contacts can be very helpful as well. In addition to your attorney(s) it should include close friends and relatives, medical professionals, financial advisors, coworkers, and religious leaders.
Planning ahead for a funeral service, burial/internment, etc., can be stated in advance, to keep the decision-making and preferences in the hands of the individual. Additionally, in anticipation of the high cost of funerals, money can be set aside to cover expenses.
Putting these legal documents in place before they are urgently needed ensures that older adults remain in control of their decisions, while also protecting loved ones from unnecessary complications. Working with an estate planning attorney can provide guidance tailored to individual needs and state laws.
Being prepared is not just about protecting assets. It is about creating peace of mind, security, and clarity for the future.
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