Getting Your Affairs in Order

Documents to Consider

by Kathy Bosworth

If you are fortunate enough to break the ice and begin estate planning with your family, here are some issues that should be discussed.

Is there a will? Where is it?

I am often shocked that so many people I meet do not have a basic will. An estimated 57% of adult Americans do not have one. If you die without a will, your state has laws that will dictate how your possessions will be divided. It’s a nightmare for your heirs. If you already have a will, make sure that someone knows where it is.

Is there a Living Will? Where is it? Does everyone understand what it is?

A Living Will gives someone you trust the authority to disconnect life support if you are unable to communicate and are brain dead. A Living Will is a must to me. I don’t want to be kept alive on life support after my brain has ceased to function. If you don’t care if you are on life support for ten minutes or ten years then you should do nothing. Doing nothing is the equivalent of saying you don’t care. Living wills are often free when a lawyer draws up a will for you. They can also be obtained from your local hospital. Some states are now mandating that all overnight hospital patients must have a Living Will.

Organ Donor?

How do you feel about being an organ donor? If you want to be one, you can have it put on your driver’s license. If you don’t have a license, it is important to tell your loved ones what your wishes are. It’s a hard decision to make when there has been no dialogue on the subject. If your family knows what you want, the decision might still be hard, but not impossible.

Funeral Choices

Few people like to talk about their personal wishes for their own funeral. It’s almost like they think talking about death will bring the Grim Reaper right to their front door. However, we are all going to die. Decisions like cremation or burial, to have a wake or not, and where people want to be buried will have to be decided by someone. Why not do it yourself? I know people that have planned every single detail, right down to the music they want played in the church. Now that is organization! People can also prepay their funeral expenses.

Where are the vital papers kept?

Items such as social security number, birth certificate, veteran information, marriage certificate, insurance policies (life and medical) should be stored in a place that family members can have easy access in an emergency. I have met many boomers that had been told by their parents they had life insurance. Yet, after the parent passed away, no policy could ever be found. Without the policy and insurance company’s name and file number, no payment can be paid to beneficiaries.

Safe Deposit box?

If there is one, someone should know where it is and where the key is.

7 Bank Account

Where are bankbooks kept? Do you own stocks? Someone should have access to that information.

8 Pets?

If you have pets, whom do you trust to care for them if something happens to you? This is one that few people give thought to while organizing their final wishes.

9 A Living Trust

If you are fortunate enough to be in a high tax bracket, maybe a living trust might be in order. But ALWAYS consult a good, reputable estate attorney when making decisions about wills and trusts.

Being organized is the key to keeping updated estate documents. If the person you want to be responsible for carrying out your wishes can find all of your information quickly, it can save days, months, and even years. Hiding your important papers in the wall behind a picture might seem safe, but if nobody can find it, it’s useless. Being unable to find documents can also lead to inflated legal fees, regardless of the size of the estate.

Communication is imperative! In spite of what we might want to think; you cannot take it with you!

Editor's Note: Laws and names vary from country to country and in the US from state to state. Check with a lawyer to be sure you follow local legalities.

Kathy Bosworth is the author of "Your Mother has Suffered a Slight Stroke" http://www.authorsden.com/kathybosworth

The Stroke Network, Inc.

P.O. Box 492 Abingdon, Maryland 21009