By Cynthia Nowowiejski
Homage Senior Services
Q. I am retiring this year. I have heard my friends talking about getting their “affairs in order.” I am concerned about being prepared for the future. What do I need to do?
A. Congratulations, you are retiring this year! The good news is that you will have more time in the near future to organize your personal, financial, and legal information.
You can start now with a basic “To Do” list. This can help you to prepare for a possible emergency (ie. an unexpected illness and hospitalization).
One good starting place is gathering and organizing important papers. Important papers can be different for each individual or family. For example, if you have a pet, you will need to include the name and address of your veterinarian.
Personal records
Your full legal name
Date and place of birth
Social Security number
Birth and death certificates
Certificates of marriage, divorce, adoption, and citizenship.
Phone numbers (home, cell phone)
E-Mail, Social Media information
Names and addresses of spouse and children
Employers and dates of employment
Education and military records
Names and phone number of close friends, relatives,
Names and phone numbers of doctors, medical facilities
Medications taken regularly (be sure to update this regularly)
Names of lawyers and financial advisors
Names and numbers of religious contacts
Financial records
Sources of income and assets (pension from, employer, IRAs, 401 Ks, etc)
Social Security and Medicare/Medicaid information
Names of your banks and account numbers (checking, savings, credit union)
Credit and debit card names and number
Location of safe deposit box and key
Investment income (stocks, bond, property) and stockbrokers’ names and phone numbers
Copy of recent income tax return
Insurance information (life, health, long term care, home care) with policy numbers and agents’ names and phone numbers
Location of current will with original signature, legal document
Mortgage information or original deed of trust for home
Car title and registration
List of monthly bills and due dates
Legal documents
There are several legal documents that can help you plan how your affairs will be handled in the future.
Wills and trusts let you name the person you want your money and property to go to after you die.
Advance directives let you make arrangements for your care if you become sick. There are two ways to do this:
A health care directive gives you a say in your health care if you become too sick to make your wishes known. You can state what kind of care you do or don’t want.
Power of attorney for health care lets you name the person you want to make medical decisions for you if you can’t make them yourself. Make sure the person you name is willing to make those decisions for you.
For legal matters, there are two ways to give someone you trust the power to act in your place:
A general power of attorney lets you give someone else the authority to act on your behalf, but this power will end if you are unable to make your own decisions.
A durable power of attorney allows you to name someone to act on your behalf for any legal task, but it stays in place if you become unable to make your own decisions.
Steps to take …
1. Put your important papers and copies of legal documents in one place. Set up a file listing information and locations of important papers in a notebook. If your papers are in a bank safe deposit box, keep copies in a file at home.
2. Tell a trusted family member or friend where you put your important papers.
3. Give permission in advance for your doctor or lawyer to talk with your spouse, family member or care provider. There may be questions about your care, a bill, etc. You will need to sign and return a form.
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
