List of Important Documents for Seniors and the Elderly

Being a caretaker for an elderly parent is a challenging job. It can be physically, emotionally, and mentally exhausting. Planning for aging parents’ end of life is no easy task, either. If you have gone through the passing of an elderly loved one, you know that the piles of paperwork are seemingly endless, and there is always something that you need and simply can’t find. Having an important legal documents checklist to review with your loved ones before they become necessary will be a huge help as they age. 

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Legal Checklist for Aging Parents 

Whether or not your aging parent can still completely care for themselves, you still want to begin the process of getting involved in their affairs, so to speak. This does not mean they lose control of their own finances or medical decisions. It simply means you have access to their information and the ability to make decisions if it becomes necessary. Your important documents list should include:

• A financial power of attorney, or POA, allows you to make financial decisions on behalf of your loved one. It can cover things from paying bills to dealing with insurance companies. 
• A healthcare power of attorney covers medical decisions and also grants access to medical records, allowing you to speak with doctors and make decisions on behalf of your loved one. 
• A living will spells out what sort of extraordinary measures your loved one may or may not want taken to sustain their life in the event of an emergency. A Do Not Resuscitate order, or a DNR, like you always hear about in medical television dramas, would be covered in a living will. 
• Finally, you probably already know what a will is, but it’s worth making sure your loved one not only has one but that it is up to date, especially if they were predeceased by their spouse or had any other major life change.

You can do more to help your elderly parents handle their finances than simply set up a POA. You can be added to their accounts and receive text or email alerts for major money moves to help protect them from fraud. Checking to make sure the beneficiaries on the accounts are the ones your parents want is also helpful, along with freezing their credit – another way to prevent fraud against seniors. 

As you work through your aging parents’ checklist, be sure you have open and honest conversations with your parents. Discuss everyone’s role and responsibility, especially if many people are involved in the decisions. Write everything down. Work with a lawyer and an accountant if necessary. Essentially, organize things so there are no surprises for any children or other family members when a parent passes. 

You will be surprised what you need as you work to inform everyone that your parent has passed and you close all their accounts. Some other documents that should be stored in a safe place, along with the POAs, and will be so they are easily accessible are:

• Birth certificate
• Marriage certificate
• Divorce decree
• Passport or citizenship paperwork
• Death certificate of spouse or children
• Military discharge papers
• Deed to a home
• Funeral plans
• Title, registration, and insurance for the car
• Bank and credit card information
• Investment income and assets information

By preparing all the paperwork in advance, an extremely stressful and difficult situation can be made just a little bit easier. 

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