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The aging process too often results in an inability to manage one's own affairs, due to physical disability, mental disability, or both. Sometimes, a decline in health takes place rapidly; other times, the decline is gradual, with a loved one taking over more affairs as time passes. In either case, however, it is extremely helpful if the older person has compiled and organized important documents and information, and this organizational structure is helpful after death to the personal representative handling the estate, as well.
Information that should be compiled and organized includes basic personal and family information, medical information, and financial and legal information.
Personal and Family Information
The first type of information, most of which is easily collected, is basic personal and family information. This includes the legal name, address, and telephone numbers of the elderly person, his or her spouse, children, and parents, and any beneficiaries named in insurance policies or under a will or trust. Contact information should also be given for churches, doctors, friends, other relatives, and advisors. Education, military, employment, religious, and organization records and dates should be provided, as should the dates of birth, places of birth, and Social Security numbers of the person and his or her spouse. Finally, the location of important documents should be noted, including birth, death, divorce, and marriage certificates; immigration documents; estate documents, such as wills, trusts, and burial arrangements; and financial documents, such as powers of attorney, medical powers of attorney, and living wills.
Medical Information
Tending to the affairs of a loved one is much easier when critical medical information is centrally located. This information includes the names, telephone numbers, and addresses of medical providers, as well as information about medical conditions, allergies, prescriptions, and prior surgeries. Health insurance policy contact information and policy numbers should be provided, as well, including private insurance, Medicare, Medicaid, and any Medigap policies, and the location of the policies should be made known.
Financial and Legal Information
Financial and legal information is the last category of important documents that should be collected and well organized. Income and asset information is important, including private income, pensions and Social Security, interest and dividends, certificates of deposit, company stock, savings bonds, bank accounts, and outstanding loans. Similarly, debt and liability information is critical, such as medical expenses, loans and creditors owed, and credit cards outstanding. Both completed tax returns and tax-related information for upcoming returns should be included as part of the financial information, as well. Finally, the location of important documents and items should be detailed, such as deeds, mortgages, titles, notes, insurance policies, safe deposit boxes and keys, business agreements, and important personal items.
Related Topics and Resources on lawyers.com
- Wills and Probate
- Trusts and Estates
- Elder Law
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