As your parents age, keeping track of their legal and financial documents becomes crucial for their well-being.
Sudden changes in their health can require quick action, and having the necessary paperwork readily available can make all the difference if one of your parents needs immediate medical attention.
From deeds and power of attorney to living wills and medical history, there are piles of legal documents that seniors should have in order. However, the task of organizing and maintaining these documents can be overwhelming.
In this article, we’ll provide you with a list of important documents for seniors and offer tips on how to keep them organized and accessible with Trustworthy.
Trustworthy Certified Experts™: Get Extra Help With Your Parents' Estate Organization
Key Takeaways
Sudden changes in your parents' health can require quick action. Having the necessary paperwork readily available can make all the difference if parents need immediate medical attention.
There are several important legal and financial documents that seniors should have in order, including advance directives and power of attorney.
By using Trustworthy, seniors and their loved ones can securely store and organize their documents in one centralized location, making it easy to access them whenever they are needed.
What Documents Do I Need to Manage My Parents' Care?
As your elderly parents' health and financial needs change over time, it's important to have the necessary legal documents in place to ensure their well-being.
To help you keep track of the estate planning documents your elderly parents may need, here's a checklist of important legal documents to have readily available.
Advance Directives
Advance directives ensure your elderly parents' medical wishes are respected in the event of a life-threatening situation or at the end of their life.
These documents, which should be notarized, will provide instructions on medical care that your parents wish to receive or avoid.
An advance directive can include instructions about life-sustaining measures, such as whether a parent wants to be put on a ventilator or receive CPR.
A living will, which is a type of advance directive, focuses on end-of-life care and may outline a parent's preferences regarding hospice care, palliative care, and other medical interventions.
By having such legal documents in place, your parents' medical providers and caregivers will have a clear understanding of their wishes, which can provide peace of mind for both you and your parents during difficult times.
Durable Power of Attorney for Healthcare
A durable power of attorney for healthcare, another type of advance directive, designates a person (and often an alternate) to make medical decisions on behalf of an elderly parent if they become incapacitated or are otherwise unable to make their own medical decisions.
This document ensures an elderly parent's medical wishes are respected, even if they are unable to communicate them.
The designated person in the is typically a family member, friend, or spouse, but it can be anyone a parent designates. This person will have the legal authority to make important medical decisions on the parent's behalf, such as whether to consent to or refuse medical treatments or procedures.
They can also decide where a parent should receive medical care, such as in a hospital or at home with hospice care.
Business Partnership and Corporate Operating Agreements
If you have an elderly parent who is a business owner or partner, having their business partnership or corporate operating agreement in place can help you properly manage their business interests.
These legal documents outline the rights and responsibilities of each partner and the overall structure and purpose of the business. These documents are necessary to have if you are involved in managing the business or if you need to make decisions on a parent's behalf.
For example, if the parent becomes incapacitated and is no longer able to manage the business, you can refer to the partnership agreement to determine who has the legal authority to make business decisions on their behalf.
A business partnership agreement between two or more partners that sets out their partnership's terms and conditions, including the business's legal structure, each partner's responsibilities, partnership property, and each partner's ownership interest.
A corporate operating agreement outlines how a corporation will operate, including the roles and responsibilities of its officers, directors, and shareholders, as well as how business decisions will be made.
If your parent needs to retrieve a copy of these agreements, they can contact the attorney who helped to set up the agreement.
Deeds to Property
A property deed is a legal document that proves property ownership and provides a detailed description of the property's boundaries, dimensions, and location. If your elderly parents own property, having their property deeds readily accessible is necessary if they want to sell the property or pass it down to a loved one.
If you or your parents cannot locate the property deed, you can try to access it in a few ways.
One option is to conduct an online search by entering the name of your parents' county or the property's location, followed by the keywords "deed" or "deed search." Doing so may lead you to the local county recorder's website or an equivalent database, where you can search for and download a copy of the deed.
Another option is to call your local county recorder's office and speak to a representative. You can also request a copy of the deed by mail by sending a letter to your county recorder's office. Obtaining copies of deeds typically involves paying a fee of no more than $10.
By having access to the property deed, you or your parents can establish property ownership and make any future transactions involving the property legally binding.
Savings Bonds, Stock Certificates, and Brokerage Accounts
Your elderly parents may have invested in savings bonds, stock, or brokerage accounts throughout their lifetimes to fund their retirement or accrue wealth.
To locate a savings bond, you or your parents can use an online tool called the Treasury Hunt Tool to help you determine if they have any lost bonds before submitting a recovery claim.
Your parents can also visit the Treasury Direct website and fill out Form 1048, provided that they give a certified signature in the presence of a notary or authorized certifying officer.
If your parents hold stock or shares in a particular company, they may have a stock certificate serving as a legal document representing their ownership. A stock certificate includes the number of shares owned, the date of purchase, the identification number, the corporate seal, and signatures.
If your parents have lost their stock certificate, they can contact the stock transfer agent to retrieve it, who is responsible for maintaining the company's shareholder records and can help issue a replacement certificate.
To do so, your parents will need to provide the stock transfer agent with the name of the company, the number of shares they own, and any identifying information they have regarding the lost certificate. The transfer agent may also require proof of ownership or a notarized affidavit of loss.
Once the transfer agent has verified your parents' ownership of the shares and processed the paperwork, a replacement certificate can be issued. The process of obtaining a replacement certificate may take several weeks or even months, so it's best to start the process as soon as possible.
Similarly, if your parents have a brokerage account, they can contact their broker to retrieve any lost documents, such as statements or trade confirmations. These documents provide information about your parents' investments and financial transactions for tax or audit purposes.
If your parents are having trouble accessing their brokerage account or retrieving lost documents, they can also contact the brokerage firm's customer service department for assistance. The customer service representative can walk them through the steps to take and may be able to escalate the issue to a supervisor or manager for resolution.
By retrieving these financial documents, you or your parents can ensure that their investments and financial affairs are properly managed and that their financial well-being is secure.
Annuity Contracts, Pension Documents, and Retirement Plans
Annuities
Annuity contracts are customizable contracts issued by an insurance company that converts an investor’s premiums into a guaranteed fixed income stream.
Annuities take five to 10 years to grow, meaning that it’s easy for a loved one to misplace an annuity because so much time has elapsed.
Contact the insurance company directly by phone or letter to retrieve a lost annuity. Give them your parents' names, birth dates, and Social Security numbers, and they can provide copies of the contract.
Pensions
A pension refers to a set monthly income that some employers, such as federal and state entities, give their employees after a particular time served on a job.
If your parents have lost track of a pension rather than a 401(k), you can direct them to the U.S. Department of Labor’s Employee Benefits Security Administration or Form 5500 search.
Retirement Plans
A retirement plan is a financial strategy of saving, investing, and distributing money that your loved one can use to sustain themselves throughout their retirement.
Your aging parents might have 401(k) accounts or some other form of retirement account that involves them putting away a percentage of their paycheck directly into this investment fund.
The easiest way to retrieve unclaimed benefits is through a free searchable database called the National Registry of Unclaimed Retirement Benefits. However, the registry lists only unclaimed benefits that have been reported to its database.
If your parents' benefits are not listed, it's possible that they have not yet been reported. In this case, you may need to contact the employer or financial institution directly to ask about any unclaimed benefits.
Tax Returns
Keeping track of tax returns and supporting documents allows your parents to file their taxes accurately and timely.
The IRS recommends that people keep their tax returns for at least three years. In most cases, your parents should have a copy of their tax returns along with any supporting documents used when filing those taxes.
These documents may include forms such as 1040, W-2, 1099-MISC, 1098 and W-4, and supporting documents for charitable donations or other proof of expenses.
If your parents need to retrieve missing tax information, they can visit the IRS website to receive their tax transcripts by phone, online, or by mail.
They will need to provide their Social Security or tax ID numbers and birth dates (for both of them if filing jointly), a bank account routing number for direct deposit, and any applicable employment or mortgage rate forms.
Debt
Having your parents' debt and loan documentation can help make sure accounts are properly closed if they pass away.
One option is to check credit reports to see which debts are currently outstanding. Your parents can get a free credit report from each of the three major credit bureaus once a year at annualcreditreport.com.
Going through old and new mail, contacting known creditors, and checking voicemails for debt scams can also help you compile a list of all debts.
If your parents are unable to manage their debts on their own, you or another caregiver can help them in paying bills and canceling accounts as needed.
Notify creditors of any changes, such as a hospitalization or entry into a long-term-care facility, to ensure that bills are sent to the correct address and that payments are made on time.
Vehicle Title
Having a copy of a vehicle title ensures that your parents can sell their car or pass it down to a beneficiary in a will.
If your parents have lost their vehicle title, one option is to visit your local department of motor vehicles or the secretary of state's website to retrieve a duplicate title.
Your parents will need to provide identification and documentation of ownership, such as a vehicle registration or insurance card, to obtain a duplicate title.
After providing identification and documentation of ownership, your parents will need to fill out an application for a duplicate title. The application will require information about the vehicle, such as the make, model, year, and vehicle identification number. Your parents may also need to provide information about any liens on the vehicle.
Once the application is complete and documentation has been provided, your parents will need to pay a fee to obtain the duplicate title. The fee amount depends on which state you live in. For example, in California, the fee is $23. In Texas, it's only $5.45.
After the fee is paid, the state will process the application and issue a duplicate title, which your parent can use to sell or transfer ownership of the vehicle.
How Trustworthy Keeps Important Documents Safe
Trustworthy is a secure digital platform designed to help seniors and their families manage their important financial and legal documents. By using Trustworthy, seniors and their loved ones can securely store and organize their documents in one centralized location, making it easy to access them whenever they are needed
Here are some ways Trustworthy can help you and your parents keep important documents safe:
Secure digital storage. Trustworthy provides a secure and encrypted digital storage platform to store all of your loved one's legal documents and financial records in one place.
Easy access. Trustworthy lets you and your loved ones access your documents from anywhere, anytime, using any device with internet access.
Organization and tracking. Trustworthy allows you to easily organize and track your documents, so you always know where they are and when they were last updated.
Secure sharing. Trustworthy allows you to securely share documents with family members or advisors, giving everyone access to the information they need.
Trustworthy can help give you and your parents peace of mind knowing that your important documents are safe, secure, and easily accessible whenever they are needed. Try Trustworthy free today.
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Trustworthy is an online service providing legal forms and information. We are not a law firm and do not provide legal advice.
