5 Key Legal Documents Every Senior Should Have

Katelyn Morgan

As you enter your senior years, getting certain legal documents in place is crucial to protect your healthcare wishes, finances, and property should you become incapacitated or pass away.

Having properly prepared and updated documents can help avoid family disputes, prevent probate delays, and ensure your estate is handled as you intend.

This guide covers the five essential legal documents every older adult should have along with guidance on creating them.

1. Last Will and Testament

A will is arguably the most vital document for seniors. This legal document specifies how you want your assets and belongings distributed after you pass away. It names beneficiaries for your money, property, and possessions.

Here’s what a will can do:

  • Assign an executor to oversee your estate and ensure your wishes are followed
  • Provide specific gifts to certain beneficiaries if desired
  • Donate a portion of your estate to charity
  • Establish trusts to manage assets if you have minor children or beneficiaries with special needs
  • Avoid certain beneficiaries if desired by excluding them from the will
  • Reduce estate taxes by utilizing estate tax exemptions and deductions
  • Appoint guardians for underage dependents to care for them

Without a will, state intestacy laws dictate how your estate is distributed, which may conflict with your preferences. Family members could also challenge ambiguous wishes.

Visit an estate planning attorney to properly execute a will and update it periodically to reflect major life changes impacting your intentions or beneficiaries.

2. Durable Power of Attorney

A durable power of attorney authorizes someone to handle your financial affairs if you become incapacitated. You name a trusted person as your financial agent or attorney-in-fact empowered to conduct money matters on your behalf.

A POA can grant authority to:

  • Access your banking and investment accounts
  • Pay bills and taxes
  • Manage real estate transactions
  • File insurance claims
  • Handle government benefits
  • Oversee other property matters

The β€œdurable” aspect means the POA remains effective even if you become incompetent. It ends when you pass away.

The document can be broad to allow full financial control or be limited to certain acts. Without it, your family would need a conservatorship through court proceedings to access your finances while disabled.

A POA gives you control over who handles your money matters rather than the court appointing someone. The document does not let your agent make healthcare choices, which requires a separate healthcare POA.

3. Healthcare Power of Attorney

Naming a healthcare power of attorney allows that person to make medical decisions according to your wishes if you are unable to do so yourself. It is also called a healthcare proxy. This oversees choices regarding:

  • Doctors and other providers
  • Medical consents for treatment, surgery, medications
  • Hospitalization and emergency care
  • Long-term care admission
  • Reviewing health records
  • End-of-life wishes

The agent should be someone you trust who understands your values and preferences regarding medical care.

The POA should be prepared along with a living will document outlining your specific healthcare directives.

Without a healthcare POA, medical decisions typically fall to next of kin, but conflicts can arise among family members. A legal document clarifies your advocate and empowers them to speak on your behalf.

4. Living Will

A living will provides specific written instructions for end-of-life medical treatment if you are terminally ill or permanently unconscious. This legal document protects your right to refuse medical care that prolongs dying.

It communicates your wishes regarding:

  • Life-sustaining interventions like breathing machines, IV hydration, feeding tubes
  • Resuscitation measures if your heart or breathing stops
  • Organ donation preferences
  • Pain management and palliative comfort care

A living will eases decision-making for healthcare proxies and families regarding terminal prognosis care options. It pre-authorizes withdrawal of life support based on your specifications.

The document should be prepared in conjunction with naming a healthcare power of attorney and be regularly updated to reflect new healthcare developments and your changing end-of-life wishes.

5. Revocable Living Trust

A revocable living trust designates how assets held in the trust will be managed and distributed upon disability or death.

Unlike a will, a trust allows property to transfer directly to beneficiaries without probate court proceedings. A trustee is named to oversee the assets.

Benefits include:

  • Avoiding probate delays and costs
  • Ensuring privacy since trusts aren’t public records like probated wills
  • Allowing a successor trustee to immediately step in managing the trust assets if the grantor becomes incapacitated
  • Detailing exactly how and when trust assets should be distributed
  • Establishing ongoing trusts for beneficiaries if desired
  • Preserving eligibility for long-term care Medicaid since trust assets aren’t counted

The grantor funding the trust retains control during life and can modify terms at any time. Transferring your home’s title into the trust is advisable for maximum protection.

Proper establishment and administration of a living trust requires an estate planning attorney’s guidance. Periodic reviews are recommended if assets change.

The Bottom Line

Drafting these five important legal documents while you’re still capable helps ensure your affairs are handled as intended if you experience declining health or pass away.

An experienced estate planning and elder law attorney can help prepare customized documents representing your preferences and situação.

Revisit the documents every few years and when major life events occur to update any provisions. Keep copies easily accessible for your loved ones or healthcare and financial agents.

Taking these steps now allows you to have peace of mind that your healthcare, financial, and estate wishes will be honored.

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Katelyn Morgan is an experienced divorce attorney. She understands family law and helps couples get divorced with minimal stress and dispute. Katelyn Morgan has won high-asset and difficult property division divorce cases. She fights hard for her clients and gets the greatest results. Katelyn Morgan speaks at divorce and family law events in addition to her professional business.