30+ essential documents to have in order for aging parents.

 

Financial documents

Financial information can be crucial in many instances for timely, efficient, and more affordable care. For example, a senior applying for certain benefits is required to demonstrate their financial need, and will have to provide comprehensive documentation of past and present finances.

If a family member cannot locate important documents like tax returns or bank account information, it could delay or even cause a senior to be denied benefits like Medicaid or veterans benefits.

Important paperwork for the elderly:

• A list of all bank accounts
• Pension/Super documents and annuity contracts
• Tax returns
• Savings bonds, stock certificates, or brokerage accounts
• Partnership and corporate operating agreements
• Deeds to all properties
• Vehicle titles
• Documentation of loans and debts, including all credit accounts
• Power of Attorney

 

Health care documents

Regardless of good or bad health, it’s vital that the senior’s preferences be stated clearly in a living will. This document includes their general wishes and care instructions regarding life support, the donation of organs, and other medical issues. This is also known as a health care or advanced directive. A living will also designate a trusted person to be your power of attorney, which is someone who oversees and carries out financial decisions documented in the living will.

Having quick access to a senior’s medical history can be lifesaving during a medical emergency. For example, a single piece of medical information, such as a certain current medication, could dramatically influence treatment. Medical records are necessary when applying for benefits, including Medical Aid & Medicare. They are also needed when moving to a senior community.

Important health care documents:

• Health care proxy or power of attorney
• Authorisation to release health care information
• Living will (health care directive)
• Personal medical history
• Insurance card (Medicare, Private Medical Aid, Independent)
• Long-term care insurance policy
• Emergency information sheet

 

End-of-life and estate planning documents

We can save ourselves and our loved ones the burden of added stress during an already difficult time by making sure that documents related to estate planning and end-of-life have been drawn up, are up-to-date, and are easily accessible. Otherwise, if a senior passes away without having drafted a will, families can be thrown into unnecessary legal and financial chaos.

Essential end-of-life documents:

• A will
• Trust documents
• Life-insurance policies
• End-of-life instructions letter (regarding wishes or items not covered in a will, for example regarding memorial terms)
• Actions letter (regarding wishes or items not covered in a will, for example regarding memorial terms)

 

Miscellaneous documents

Marriage certificates and military records are required when applying for veteran benefits, and are also required in applications for many kinds of state and federal assistance. Seniors may even need their birth certificate on occasion. For example, some states require that voters have a photo ID. If a senior doesn’t have a photo ID, a birth certificate is usually needed in order to get one.

Miscellaneous important papers:

• Marriage papers
• Divorce papers
• List of online usernames and passwords
• List of safe deposit boxes and the location of their keys
• Military records
• Birth certificate
• Driver’s license
• Passport

 

Tips on storing important documents

It’s not enough to merely have these legal documents for aging parents — they need to be accessible. Experts recommend important documents be added to a master folder or box. The folder should be kept in a safe place, for example, a safe deposit box, fire-proof safe, or with an attorney.