50+ Lifestyles

Preparing and Organizing Legal Documents for the Future

By Karen McCoy
Marketing Consultant at Ridgecrest Village

Here are a couple of stories that many may relate to:

Charles and Doris: Charles and Doris have been married for 53 years. He was in charge of the family affairs; paying bills, tending to insurance needs and so much more. Charles had a stroke and is not able to walk or talk. Doris is overwhelmed. On top of her worries about Charles’ health, she needs to pay bills and is not sure what to pay and when they are due. She had no idea what the “Important Papers” were.

Carol: Carol is 92 years old and lives alone. She fell and broke her hip. She spent a week in the hospital and a month in a rehabilitation nursing home. Her son, Gary, lives across the country. Several years ago, Carol had made arrangements with her son Gary, so that while Carol was in recovery, he was able to pay her bills and handle her affairs right away. This was such a relief for Carol to know her son was able to tend to her affairs and she was able to concentrate on getting better. All of her “Important Papers” were available to Gary.

We never plan to be sick or disabled. Yet, it’s this kind of planning that can make all the difference in an emergency. Being prepared can make all of the difference when tragedy strikes.

But you ask, what exactly is an “Important Paper”?

This is different for every family. Below are some
suggestions, 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 such as:

• 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

Then you need to include information about financial records:

• Sources of income and assets (pensions, 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 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

Here are steps for getting your affairs in order, remember these are just suggestions and a place to start.

• Tell a trusted family member or friend where all of your important information is kept. You don’t need to tell this friend or family member about your personal affairs, but someone should know where to locate this information 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. He or she 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 the visit may be covered by insurance.
• 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 not be able to get needed information. You can give permission 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

There are many different types of legal documents that can help you plan how your affairs will be handled in the future. Many of these documents have names that sound alike, so make sure you are getting the documents you want. Also, state laws vary, so find out about the rules, requirements, and forms used in your state.

Examples of these documents include wills and trusts, advance directives such as a living will and durable power of attorney for health care/general power of attorney. For legal matters you need to give someone you trust the power to act on your behalf, so a general power of attorney and a durable power of attorney are important to have in place.

You may want to talk with a lawyer about setting up these documents. Before you go to the appointment you may want to choose someone to be your healthcare proxy. Your proxy might be a family member, a friend, your lawyer, or someone from your church.

This is just a summary of things you should have in order in the event something happens and you can no longer make those decisions for yourself.

We have a guest speaker as our next expert in our Educational Series, Cody Allen. Cody is a Senior Vice President at Northwest Bank & Trust Company and manages the Investment Management Group. He holds his Certified Retirement Services Professional (CRSP) designation and has over 18 years’ experience in the financial industry. His presentation will be:

What Documents Will the Kids Need When I’m Gone?

This program is designed to help you plan ahead for your passing. We will teach you the specific documents and information your family will need to carry out your wishes and a way to keep the private information safe until the time comes.

Join us on August 21st at 12:00pm for a Lunch-n-Learn

Lunch-$5.00

Program starts at 1:30pm – No Charge

Light Refreshments following program

RSVP by August 16th by calling: Karen McCoy at 563-388-3563

It will be held in the Koning Center at Ridgecrest Village

4130 Northwest Blvd

Davenport, IA 52806