WHAT YOU SHOULD KNOW ABOUT GETTING YOUR AFFAIRS IN ORDER
Christiane Tourtet B.A.
June 01, 2008
People in general want to enjoy life to its maximum and many people feel very uncomfortable and even quite upset, to talk about potential sickness, disability, death, and the planning that should be done if such events were to occur. And yet, as unpleasant as this may be, it should be done diligently, as a sign of responsibility and caring for one´s self and loved ones. Here are some useful steps that will help you get your affairs in order.
Try to gather everything you possibly can in regard to your income, investments, insurances, property, and savings:
1- Put all your important papers as well as copies of legal documents in one place. You could for instance set up a file, put everything in a dresser drawer, or in a desk, or simply list all the information and location of papers in a notebook.
2- If you keep your papers in a bank safety box, keep copies in a file at your home, and check periodically if there is anything to add.
3- Tell a trusty friend and/or family member where you put all your important papers, as someone should know where you keep your papers in case of emergency .If you do not have a friend, a relative, or someone you can trust, then, if possible, ask a lawyer to help.
4- If you have a caregiver, it would be a good idea to give your consent in advance to your lawyer and/or doctor to talk with your caregiver, as there may be questions about a bill, or a health insurance claim, or about your care. If your caregiver does not have your consent, then that person may not be able to obtain needed information. You can also give permission in advance, to a bank, to your doctor, to a credit card company, to Medicare. Sometimes, it may be possible to give your OK over the telephone, but at other times, you may have to sign and return a form.
5- Let a spouse, family member, trusted friend, know about your wishes in regard to your passing away, such as: do you prefer to be buried or cremated? Have you already pre-paid your funeral arrangements? Do you want to have an immediate burial? It would be a good idea to have in writing all your wishes and instructions in regard to your passing away, dated and signed by you, and let a family member and /or trusted friend know where your instructions are located.
There are quite a few different types of legal documents that can be helpful in planning on how your affairs will be handled in the future. Many of these documents have names that can be confusing, as they sound alike, so be very careful, and make sure that you are getting the proper documents you really want. Also, be aware, that State laws vary, so it would be best to check with a financial planner or with a lawyer about the requirements and rules in your State. You need to know and understand about wills and trusts.
Basically wills and trusts describe the manner in which you want to give away your property and money after you die.
There is a living will, also called medical directive, or advance directive, which gives you a say in your health care if you happen to be too sick to make your wishes known. It describes your own decisions for the medical care you want at the end of your life. It will make it easier for family members to make tough health care decisions on your behalf, such as not wanting to be placed on a breathing machine (ventilator) or wanting to be an organ donor.
It may be a good idea, to give someone you can trust, the power to act on your behalf. There are three types of power of Attorney that can be quite helpful:
1- A durable power of attorney for health care, gives to you the right to let you name another person to make medical decisions for you, in the event that you are unable to make them yourself.
2- A durable power of attorney allows you to name someone to take decisions on your behalf for any legal task, and stays in place, even if you become unable to make your own decisions
3- A general power of attorney let you give someone else the authority to act on your behalf, however, this power will end if you are unable to make your own decisions.
Every family may have different answers in regard to what important papers are. However, the following lists may be able to help you decide what is important to you. Remember, that, these are starting points, and you may need to add some other information, such as, (if you have a pet) to make sure to include the name and address of your vet.
Under Personal Records, as applicable, you should have:
Your full name
Legal residence
Social Security number
Place and date of birth
Names and addresses of your spouse and children
Names and phone numbers of doctors, dentists
Education and Military record
Names and phone numbers of relatives, close friends, lawyer or financial advisor
Medications taken regularly
Employers and date of employment
Names and phone numbers of religious contact
Memberships in groups and awards received
Location of living will
Location of birth and death certificates, certificates of citizenship, adoption, marriage and divorce
Under Financial Records, as applicable, you should have:
Social Security and Medicare information
Sources of assets and income, such as pension funds, IRAs, 401(k)s interest, etc
Insurance information such as car, home ,life, health , long-term care, with policy numbers and agents names and phone numbers
Investment income such as bonds, property, stocks, as well as broker´s names and phone numbers
Names of your banks and accounts numbers such as savings, checking, credit union.
Copy of your most recent income tax return
Location of safe deposit box and key
Location of P.O. Box and key
Location of Funeral Home, pre-paid funeral arrangements, contract number
Location of most up-to-date will with original signature
Location of original deed of trust for home and car title and registration
Credit and debit card names and numbers
Mortgages and debts- how and when have they been paid
Liabilities , including property tax, bills, showing what is owed, to whom and when payments are due
You may want to add more information to these lists as applicable to your own situation, and talk with a lawyer about setting up a durable power of attorney, trust, joint account, a general power of attorney or advanced directive. Before you make an appointment, be sure to ask about the fees. You also may get more information at:
Centers for Medicare & Medicaid Services
http://www.cms.hhs.gov
AARP
http://www.aarp.org
National Association of Area Agencies on Aging
http://www.n4a.org
National Elder Law Foundation
http://www.nelf.org
National Association of State Units on Aging
http://www.nasua.org
Resource:
National Institute on Aging, U.S. Department of Health and Human Services,
National Institutes of Health.
© 2008 Christiane Tourtet, all rights reserved.
Try to gather everything you possibly can in regard to your income, investments, insurances, property, and savings:
1- Put all your important papers as well as copies of legal documents in one place. You could for instance set up a file, put everything in a dresser drawer, or in a desk, or simply list all the information and location of papers in a notebook.
2- If you keep your papers in a bank safety box, keep copies in a file at your home, and check periodically if there is anything to add.
3- Tell a trusty friend and/or family member where you put all your important papers, as someone should know where you keep your papers in case of emergency .If you do not have a friend, a relative, or someone you can trust, then, if possible, ask a lawyer to help.
4- If you have a caregiver, it would be a good idea to give your consent in advance to your lawyer and/or doctor to talk with your caregiver, as there may be questions about a bill, or a health insurance claim, or about your care. If your caregiver does not have your consent, then that person may not be able to obtain needed information. You can also give permission in advance, to a bank, to your doctor, to a credit card company, to Medicare. Sometimes, it may be possible to give your OK over the telephone, but at other times, you may have to sign and return a form.
5- Let a spouse, family member, trusted friend, know about your wishes in regard to your passing away, such as: do you prefer to be buried or cremated? Have you already pre-paid your funeral arrangements? Do you want to have an immediate burial? It would be a good idea to have in writing all your wishes and instructions in regard to your passing away, dated and signed by you, and let a family member and /or trusted friend know where your instructions are located.
There are quite a few different types of legal documents that can be helpful in planning on how your affairs will be handled in the future. Many of these documents have names that can be confusing, as they sound alike, so be very careful, and make sure that you are getting the proper documents you really want. Also, be aware, that State laws vary, so it would be best to check with a financial planner or with a lawyer about the requirements and rules in your State. You need to know and understand about wills and trusts.
Basically wills and trusts describe the manner in which you want to give away your property and money after you die.
There is a living will, also called medical directive, or advance directive, which gives you a say in your health care if you happen to be too sick to make your wishes known. It describes your own decisions for the medical care you want at the end of your life. It will make it easier for family members to make tough health care decisions on your behalf, such as not wanting to be placed on a breathing machine (ventilator) or wanting to be an organ donor.
It may be a good idea, to give someone you can trust, the power to act on your behalf. There are three types of power of Attorney that can be quite helpful:
1- A durable power of attorney for health care, gives to you the right to let you name another person to make medical decisions for you, in the event that you are unable to make them yourself.
2- A durable power of attorney allows you to name someone to take decisions on your behalf for any legal task, and stays in place, even if you become unable to make your own decisions
3- A general power of attorney let you give someone else the authority to act on your behalf, however, this power will end if you are unable to make your own decisions.
Every family may have different answers in regard to what important papers are. However, the following lists may be able to help you decide what is important to you. Remember, that, these are starting points, and you may need to add some other information, such as, (if you have a pet) to make sure to include the name and address of your vet.
Under Personal Records, as applicable, you should have:
Your full name
Legal residence
Social Security number
Place and date of birth
Names and addresses of your spouse and children
Names and phone numbers of doctors, dentists
Education and Military record
Names and phone numbers of relatives, close friends, lawyer or financial advisor
Medications taken regularly
Employers and date of employment
Names and phone numbers of religious contact
Memberships in groups and awards received
Location of living will
Location of birth and death certificates, certificates of citizenship, adoption, marriage and divorce
Under Financial Records, as applicable, you should have:
Social Security and Medicare information
Sources of assets and income, such as pension funds, IRAs, 401(k)s interest, etc
Insurance information such as car, home ,life, health , long-term care, with policy numbers and agents names and phone numbers
Investment income such as bonds, property, stocks, as well as broker´s names and phone numbers
Names of your banks and accounts numbers such as savings, checking, credit union.
Copy of your most recent income tax return
Location of safe deposit box and key
Location of P.O. Box and key
Location of Funeral Home, pre-paid funeral arrangements, contract number
Location of most up-to-date will with original signature
Location of original deed of trust for home and car title and registration
Credit and debit card names and numbers
Mortgages and debts- how and when have they been paid
Liabilities , including property tax, bills, showing what is owed, to whom and when payments are due
You may want to add more information to these lists as applicable to your own situation, and talk with a lawyer about setting up a durable power of attorney, trust, joint account, a general power of attorney or advanced directive. Before you make an appointment, be sure to ask about the fees. You also may get more information at:
Centers for Medicare & Medicaid Services
http://www.cms.hhs.gov
AARP
http://www.aarp.org
National Association of Area Agencies on Aging
http://www.n4a.org
National Elder Law Foundation
http://www.nelf.org
National Association of State Units on Aging
http://www.nasua.org
Resource:
National Institute on Aging, U.S. Department of Health and Human Services,
National Institutes of Health.
© 2008 Christiane Tourtet, all rights reserved.
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