By Becky Streeter
It’s never too early to make a plan for your estate, finances, and end of life wishes. Though it’s not something many of us enjoy thinking about, the more we have prepared now, the less we will have to do later. Also, being prepared now lets you have the ultimate amount of control over decisions, which is not necessarily guaranteed the longer you wait. Below is a guide to help you get your affairs organized.
Create a will that designates how your property, finances, dependants, pets, and funeral preferences should be taken care of.
Create a living will specifying your advanced care directives, including the extent of life-saving and preventative measures.
Assign a power of attorney to make financial and medical decisions if you become incapacitated.
Create a living trust and designate a trustee to control and distribute assets if you become unable.
Give permission to your doctor and lawyer to discuss sensitive information with your caregiver and/or loved ones should there be a need.
Gather all important documents, keep them together in ONE safe location such as a fireproof box, and tell your lawyer or someone you trust where these documents are held. Regularly review these documents and make changes as needed. The National Institute on Aging recommends the following documents:
• Personal Information
Full legal name
Social Security number
Legal residence
Date and place of birth
Names and addresses of spouse and children
Certificates of birth, 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
• Financial information
Sources of income and assets (pensions, IRAs, 401(k)s, interest, etc.)
Social Security information
Insurance information (life, long-term care, home, car) with policy numbers and agents' names and phone numbers
Names of your banks and account numbers (checking, savings, credit union)
Investment income (stocks, bonds, property) and stockbrokers' names and phone numbers
Copy of most recent income tax return
Location of 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 original deed of trust for home
Car title and registration
Credit and debit card names and numbers
Location of safe deposit box and key
• Health Information
Health records
Current prescriptions (be sure to update this regularly)
Living will
Durable power of attorney for health care
Copies of medical orders or forms (i.e. DNR)
Health insurance information with policy and phone numbers
Make sure you talk about your preferences with your loved ones. This can be especially helpful for future medical decisions needed to be made on your behalf, including life-saving measures and potential organ donation if that is possible and desired, as well as funeral arrangements when the time comes. Having everyone on the same page helps your loved ones be prepared for your preferences and expectations.
Source: “Getting Your Affairs in Order Checklist: Documents to Prepare for the Future.” National Institute on Aging. https://www.nia.nih.gov/health/advance-care-planning/getting-your-affairs-order-checklist-documents-prepare-future#important-papers. 1 FEB 2023.
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