(THE MONEY PROS) - WHAT ARE SOME OF THE BASIC LEGAL DOCUMENTS THAT SENIORS SHOULD HAVE AND WHAT PURPOSE DO THEY SERVE?
Healthcare Power of Attorney: allows you to appoint someone to make healthcare decisions if you are unable to decide for yourself. Some examples are end of life decisions, medication, therapy, etc.
Financial Powers of Attorney: Allows you to appointment someone to make financial decisions if you are unable to. Some examples are: pay bills, sign tax returns, file healthcare claims, etc.
It is best to choose these people when you are both physically and mentally healthy so you are able to decide clearly. Don't wait to make this decision when you are already in a hospital.
Other legal documents may include a will or trusts that will describe your wishes for the disposition of your assets should you pass. What documents you have will depend on the complexity of your situation.
WHAT IS SOME OTHER PAPERWORK THAT SENIORS SHOULD HAVE ORGANIZED AND AVAILABLE?
Think about it as if something happening to you yesterday. What would you want those you've appointed to have in order to take care of your affairs today? Make a folder and have life insurance and long-term care policies available. Keep bills and account statements organized. Remember to have computer and email passwords available for bills to be paid on line or to view statements you review electronically. Titles and Deeds should be in a safe place along with copies of wills, trust, and powers of attorney. But be sure to let your appointees know where this information will be kept so they can find it quickly.