As we age, it becomes very important to plan for the future. Planning ahead not only ensures that your loved ones are taken care of after you’re gone but also fulfills your final wishes.
However, many seniors fail to have essential legal documents. According to USA Today, only 43% of those over 55 have a will. There are other documents you need to have prepared on top of wills to help keep yourself and your loved ones secure.
This blog will cover the top essential papers for elderly individuals. We’ll go over the basics of each type of document and why they’re important.
Last Will and Testament
Many people automatically think of wills and trusts when it comes to thinking about the future. A will is a legally binding document that highlights how you want certain things distributed after you pass. These items can include the following:
- Possessions
- Property
- Assets
Your will should outline your specific instructions on whether you want your things given to another person or a charity. What’s great about having a will is it gives you control over what happens to your belongings and estate after you pass away. Local courts will decide what happens to your assets if you die without a will.
Power of Attorney
There are many types of power of attorney you can explore when looking over a senior legal checklist. It’s important to know what kind of authorization each one gives and when the power kicks in.
Healthcare Power of Attorney
A healthcare power of attorney gives another person the power to make decisions about your medical care. A healthcare power of attorney refers to a specific individual with legal authority and a legal document. These types of documents are typically included with living wills or an advance directive.
The main goal of a healthcare power of attorney is to help those who can’t communicate their wishes regarding their medical treatment and care. The person or people listed in the document become your healthcare proxy or agent.
Some of the roles a healthcare proxy can take include:
- Communicate with your doctors to prevent unwanted treatments
- Make medical decisions on your behalf
A healthcare power of attorney will go into effect once the owner of the document becomes unable to communicate their wishes.
Durable Power of Attorney
The goal of a durable power of attorney is to allow you to appoint another person to make decisions on your behalf. The chosen individual will start doing so once you become unable to manage your affairs or incapacitated. This may include advance directives connected to the following:
- Personal affairs
- Legal matters
- Financial transactions
Having a durable power of attorney is essential for both you and your loved ones. Without one, families might face costly and lengthy court proceedings to establish conservatorship or guardianship over their loved ones.
Obtaining a durable power of attorney creates a proactive solution by entrusting another person with the decision-making authority while you’re still in good physical and mental health.
HIPAA Authorization Form
A HIPAA authorization or consent form is a legally binding document that allows your protected health information (PHI) to be disclosed for various purposes. These can include:
- Healthcare operations
- Payment
- Treatment
The goal of a HIPAA consent form is to enable your chosen representative to access medical records that are necessary to make informed decisions. There are several benefits to having these legal documents, such as:
- Protecting your privacy rights
- Enabling better cooperation between those involved in your care
- Upholding federal guidelines regarding private healthcare information
- Ensuring only authorized people have access to your PHI
- Preventing misusing or mishandling of sensitive medical documents
Revocable Living Trust
One of the top senior estate documents you can have is a revocable living trust. Many people have a will and trust to protect their estate.
The main difference is a will goes into effect after you pass away – a revocable living trust manages your assets while you’re alive. The trust goes into effect if you’re unable to manage your assets or if you become incapacitated.
A revocable living trust is a document that transfers ownership of your assets into a legal document. These assets can include:
- Bank accounts
- Investments
- Property
You can change or revoke the trust so long as you’re mentally sound. Your trust will be managed by a person of your choosing. They’re responsible for managing your assets on behalf of those named as beneficiaries. One of the main benefits of having a living trust is it doesn’t have to go through probate court once you pass away.
Letter of Intent
A letter of intent is more informal than some of the other legal documents you may have prepared. It’s designed to accompany those documents and provide your loved ones with more detailed information regarding your wishes. This letter will outline exactly how you want things handled.
Discussing these items in person is useful, but memories fade. A letter of intent clearly outlines your wishes, allowing them to be shared and referenced by loved ones.
Some of the benefits of preparing a letter of intent include:
- Fully understandable to your loved ones
- Elaborate on your will’s purpose
- Easy to update and change
Your letter of intent can include any items of importance that you choose. Things that are commonly included are:
- Burial and funeral arrangements
- Digital and financial information
- Personal effects distribution
- Pet care
- Where you wish to reside (if you’re still alive but incapacitated)
Prepare for Your Future by Exploring Legal Documents for Seniors
It may seem overwhelming when you consider the various legal documents you need to have prepared as you reach your twilight years. However, investing in legal planning for seniors ensures that you and your loved ones are taken care of and protected. These elderly legal requirements help prevent problems from occurring when you’ve passed away.
At SummerHouse Vista Shores, our goal is to ensure your golden years are spent relaxing and sharing memories with others. Our health and wellness programs ensure you stay physically well for many years. Reach out to our office to schedule a consultation.
