One of the biggest frustrations I have faced is the ongoing scavenger hunt for my parents documents. They believed they had everything in order, but failed to consider that their memories would fade and don’t recognize they no longer have the ability to make reasonable decisions.
This isn’t a new problem and the amount of money involved highlights the enormity of this issue. Last year, The Wall Street Journal reported that “state treasurers currently hold $32.9 billion in unclaimed bank accounts and other assets.” For the past year, Good Morning America has hosted a segment called “Show me the Money” where they help people get connected to money that is rightfully theirs. It’s easy to overlook an insurance policy, deed or even have a bank account fall off the radar screen.
If you have concerns with your loved ones mental health, take the steps now to get the paperwork organized. There are several categories of documents to consider and some just require that you make a copy so it can be easily accessed if needed.
In addition to the standard items typically recommended, I’ve included several that were required as I have walked the journey with my parents over the past year. All these don’t apply to everyone, but should be comprehensive enough to help most Americans.
- Living Will
- Do-not-resuscitate order
- Specific instructions regarding your wishes
- Durable Power-of-Attorney (many financial institutions won’t recognize this if it is not on their letterhead)
- Durable heath care power of attorney
- Location of documents and as needed access to safe deposit box or home safe combination
- Birth certificate
- Social Security number
- Marriage license / divorce papers
- Driving license
- Military identification / service records
- Other professional license numbers
Each should include website, user names, passwords and PINs as established.
- Bank accounts
- Retirement, investment and brokerage accounts
- Stock certificates
- Savings bonds
- Life insurance policies
- Loans, debts or mortgage accounts
- Partnership and corporate operating agreements
- Tax returns
- Personal medical history
- Family medical history
- List of prescriptions and dosage
- List of healthcare providers
- Medical insurance and any related website, username, password and PIN as established
- Home, land or cemetery deeds
- Documentation on any home or land improvements with receipts
- Auto titles
- Service plan records, schedules and preferred providers
- Utility accounts and any related website, username, password and PIN as established
After I pulled most of these documents together, I had enough people ask me about the system I used that I turned it into a business. You can do this yourself, or consider using the guided workbook called the MemoryBanc Register to help get your paperwork organized.
This is a difficult journey and I decided to make the most of the lessons I have learned by launching my business and sharing the many lessons I learn on my blog. Empowered.