If just the thought of organizing all your essential legal paperwork and documents gives you stress and anxiety, this checklist is for you.
Fortunately, getting your affairs in order – including all that paperwork – isn’t as hard as you think. In fact, organizing your legal and financial documents as you age can help protect your assets and financial and physical well-being.
As daunting as it may seem at first, planning ahead will allow you to minimize stress on those closest to you and make sure your wishes are carried out. To get you started, here’s a comprehensive list of documents to start putting together.
Financial Accounts
Make a file of all of your family’s key financial documents (and how to access the accounts!), including but not limited to:
- Bank accounts: Savings and checking accounts, including any joint accounts, as well as any safety deposit boxes.
- Investment accounts: Stocks, bonds, mutual funds, retirement accounts (IRAs, 401(k)s).
- Insurance policies: Life insurance, long-term care insurance, home or renter’s insurance, and any other relevant policies.
- Pension statements: Documents related to any pensions or annuities.
- Real estate documents: Deeds, mortgage statements, and rental agreements if applicable.
- Tax returns: Copies of recent tax returns and supporting documents.
- Social security documents: Statements and benefit information.
- Documentation of loans and debts: Including credit accounts.
Legal Documents
Make sure all your legal documents are organized, up to date, and in one place. Here are some essential legal documents to prepare as you age:
- Will: A legally binding document that outlines how you want your assets to be distributed in the event of your death.
- Before you start, take stock of all your belongings that haven’t been accounted for already. This includes furnishings, clothing, jewelry, art, electronics, valuables, and/or anything with sentimental value. Determine who you’d want the beneficiary of each of these items to be.
- In your will, name someone you trust as the executor of your estate. The executor of your estate is responsible for managing the affairs of your estate. That means they have access to your assets until they’ve been distributed to your beneficiaries, and can use it as they see fit for the estate and to fulfill your wishes. Choose a close friend or relative whom you trust to understand and respect your wishes and will handle your belongings with care and sensitivity. Also picking someone who is financially stable and mentally fit will reduce the risk to your estate.
- To create a will, you can work directly with an attorney or build one online with a service like LegalZoom.
- Trust documents: If a trust has been established, including living trusts, testamentary trusts, etc.
- Ask an attorney if setting up a living trust is the right option for you.
- Durable power of attorney: Designates someone to make financial decisions if the person becomes incapacitated.
- An important note about a power of attorney: This role is essentially legalized identity transfer. All official entities of the state and commerce recognize your power of attorney as you for all intents and purposes. It’s important to be incredibly careful who you choose.
- Beneficiary designations: Documents indicating beneficiaries for insurance policies, retirement accounts, and other assets.
- Deeds and titles: Documents proving ownership of property, vehicles, and any other significant assets.
- Marriage certificate and/or divorce decrees: Proof of marital status and any legal changes.
- Guardianship papers: If applicable, documents related to guardianship of minor children or dependents.
- Safe deposit box key and access information: Information on where important documents are stored and how to access them.
Medical Documentation
The last thing you want to do during a medical emergency is have your loved ones scrambling to figure out your important medical history or guess your wishes. Make sure everything is well-documented and clearly communicated with your loved one ahead of time. Be prepared with:
- Health care proxy: Your health care proxy is the person you entrust to make healthcare decisions for you should you be unable to do so.
- The process of assigning this role is simple and straightforward and does not require an attorney, but it should involve (1) some very serious thought as to who you pick and (2) a frank and open discussion with that person as to what your preferences are.
- To assign a health care proxy, there are simple forms available online. In most cases, you can also designate a healthcare proxy right in your doctor’s office, with forms that are widely available and typically require only a witness.
- Advance directive / living will: Advanced directive(s) or a living will is an umbrella term describing the process and documents that outline what you would like done to you by doctors and other health care providers should you become temporarily or permanently unable to express those wishes
- It’s important to note that a living will is not a substitute for a health care proxy, but rather a “companion document” that provides more specificity for that person and a doctor and should reinforce the wishes you’ve conveyed to them in actual discussions.
- Because it’s hard to predict medical circumstances, an advance directive works more as a guideline for your health care proxy and medical team to make decisions as situations arise.
- CompassCare’s 7 Choices™ document is a ‘living will’ that allows you to clearly articulate their personal choices regarding medical and personal needs. Fill it out collaboratively with your health care proxy and loved ones or on your own.
- Please note CompassCare’s 7 Choices document does not replace official legal paperwork.
- Do No Resuscitate (DNR) order: A DNR very specific kind of advanced directive which speaks to what you’d like done in the event of an “arrest” (such as if your heart stops beating or you stop breathing). In these instances, without aggressive treatment, you would perish immediately, and attempted resuscitation often involves medical equipment things like paddles, defibrillators, and ventilators.
- DNR orders are usually used in health care facilities like hospitals and nursing homes. But they’re important to have in every setting, should something ever happen outside of the house and medical assistance be called. It’s smart to keep two copies of your DNR order visible and accessible — one in a wallet or bag and one on your fridge or somewhere else it could be easily found in case of an emergency.
- Medical Orders for Life-Sustaining Treatment (MOLST) Form: A MOLST form translates your wishes into medical orders that healthcare providers are legally bound to follow, unlike with an advanced directive, which is used as a guideline.
- Create a “Medical 101” sheet: Keep all essential critical health information about you, your health conditions, and your doctors at your fingertips — updated and available on-the-go. Make sure to include:
- A list of medications (both brand and generic/chemical names), including the dosage and dosing schedule.
- A list of allergies to medicines, foods, and contrast dyes (used in medical testing).
- A list of major medical problems and surgeries you’ve had: You should have a bulleted list of the major medical problems your loved one has faced over the last several years — arthritis, diabetes, etc. Surgical procedures (with rough dates) are important as well, as they can impact treatment decisions that come up in certain situations.
- An accessible copy of your loved ones most recent cardiogram (EKG): This is particularly important if your loved one has heart problems or has gotten an abnormal EKG. This will allow medical providers to track any major changes in your EKG.
Other Considerations
In addition to legal documents, you may want to have some personal information organized in one place, including:
- Personal Identification: Copies of ID cards, passports, and driver’s licenses.
- Emergency Contact List: List of contacts, including family members, doctors, and legal representatives.
- Digital Accounts: Information on how to access and manage online accounts and passwords.
Assembling these key documents and making sure they are periodically updated to reflect your wishes will make it easier to manage your affairs as time goes on.
LegalZoom has ample resources on estate planning and allows you to purchase and download individual documents, buy estate planning documents in bundles, and consult with their independent attorneys for advice if needed.
Another good option is US Legal Forms, which will show you multiple templates available in your state for each type of document and indicate which are the most frequently ordered.
Once your forms are completed, make sure that all loved ones who will be involved in your care have a copy of them and have a complete understanding of your wishes. Once a year, have a look at them and consider any significant life changes that could affect your plan, such as: births, deaths, marriages, divorces – and make sure it’s updated to be as current as possible.
If you’re looking for a place to store all of your most important information in one place, check out Prisidio. In addition to storing all your essential legal documents, you can also use Prisidio to store all your most important information – the things you own, your important contacts (wealth advisor / insurance agents / doctors / lawyers, and more), information about your digital accounts (like your email and social accounts), and important information about your family heirlooms and where they are stored. Using a digital repository like Prisidio is a great back up to having a physical copy in a safety deposit box.
