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Important Documents for an Elder Person to Possess
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Although no one likes to think of death or incapacitation, individuals, especially elderly individuals should be prepared. There are several important documents for an elder person to have in their possession. Regardless of whether the elder is in good or bad health they should have the following documents:
- A current will and/or trust.
- A durable power of attorney, general and financial.
- A health care proxy or medical power of attorney.
A will is a document that instructs the administrator or personal representation on how the individual would like their assets and property to be distributed upon their death. A trust is a document that is created for the benefit of the beneficiaries. Various different assets may be included in the trust. The beneficiaries may only be entitled to income from the trust rather than a complete disposition of the elder's assets upon death.
A power of attorney is a document that gives the appointed individual or the agent power to determine general or financial issues for the elder upon incapacitation or when directed, whereas a health care proxy or medical power of attorney is a document that gives the agent power to make decisions regarding the elder's medical care. As with a general or financial power of attorney, the documents must be signed to be effective and enforceable.
The elder should have the above documents in their possession. The documents are not expensive to prepare and may even be prepared by the elder. If the elder has the above documents completed and up-to-date in the event that something occurs, it makes it much easier to deal with the elder's affairs.
Not only should the elder have the above documents, the elder should inform either a child, spouse or friend of the whereabouts of the documents as well as other important information. It is helpful to have all important financial and other pertinent information such as deeds, stock certificates, and banking information in order and in one place as well. The more informed others are about the whereabouts of the elder's documents, the better. Copyright 2010 LexisNexis, a division of Reed Elsevier Inc.
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