Allow Others to Handle Your Finances
If you’re worried about how your bills will be paid, checks deposited, or investments made when you no longer have the energy or ability to do it yourself, there’s a solution. By filling out a simple legal document called a durable power of attorney, you can give a relative or friend the legal right to handle money matters for you when you can no longer handle them yourself. (A general power of attorney only gives another person the legal right to do this for you while you are capable of handling your finances yourself. When you no longer can, the general power of attorney ends. Because that’s when you want help the most, be sure the document you create is a “durable” power of attorney.) You’ll want to carefully consider who you name to handle your affairs. Naturally, it should be someone you trust very much—and someone who agrees to do things according to your wishes. The document will be canceled upon your death and your financial matters will be handled according to your directions in your will.
State laws describe how a durable power of attorney must be prepared. Some states even require the use of a specific form, so you’ll want to be sure you get the correct one for your state. Unsure where to go to get the forms you need? Ask your healthcare provider for suggestions or call the local Legal Aid Society or Area Agency on Aging. Office supply stores may carry durable power of attorney forms and your state Bar Association or Medical Society may be able to help. Some financial software also contain legal forms and there are many online resources that offer these forms for a small fee. In most cases, you will not have to file a copy of the document with your state. The exception is when real estate transactions are involved. Once you have filled out and signed your form, you may need to have it notarized (banks usually provide notary service). Some states also require witnesses to watch you sign the form and then sign it themselves. It can be a good idea to consult a lawyer to make sure your legal documents provide the protection you want.
Prepare for the Time When You Cannot Voice Your Healthcare Wishes
You can make your end-of-life wishes known in several simple legal documents. You don’t have to go to a lawyer unless you want legal advice. Think of these documents as gifts to your family and friends—gifts of peace of mind.
Advance Directives
Advance directives are legal documents that enable you to plan for and communicate your end-of-life wishes. They are used only when you are unable to make decisions or communicate your wishes for yourself. There are two types of advance directives—living wills and healthcare powers of attorney. Advance directives that meet your state’s legal requirements are available to you free of charge by calling the Caring Connections HelpLine at 800/658-8898. To learn more about what advance directives are and other important information, go to the Planning Ahead pages of this web site.
Five Wishes
Millions of Americans have filled out a Five Wishes document to let their family and doctors know how they want to be treated if they cannot speak for themselves. It not only covers how you wish to be treated medically, but also personally, emotionally and spiritually. Copies of Five Wishes are available for a small fee and can be ordered from Aging with Dignity. The Five Wishes document is legal in all but 12 states. To find out if your state accepts Five Wishes as a legal document (most do), click here to view Five Wishes States on the screen.
Download a state-specific living will or healthcare power of attorney
Free resources on a wide range of
end-of-life topics.
