Retiree Essentials: "Must Have" Documents

Retiring can be exciting and daunting.  

We never really know when end-of-life will occur.  Here are some essential documents that retirees must have: 

                                                        Photo:  I. Styvar.  Homer, AK

Critical  Documents

Will (Last Will & Testament): 

Preparing a Will is essential to ensure that your wishes are respected after you are gone. It should include details of how you would like your estate divided and who will be the Executor of your will. Your "Last Will & Testament" indicates how you’d like to divide your assets.

Power of Attorney (POA):

This document names an individual who will make financial and legal decisions on your behalf if you are unable to. Make sure you choose someone you trust and can make decisions in your best interests.

Health Care Directive and Medical Power of Attorney (MPOA): 

This document outlines your medical wishes if you are unable to make them yourself. It saves your family from making tough choices on your behalf. It should include release of medical records authorization and details of the medical treatments you would accept or refuse, including end-of-life wishes, and who will make medical decisions on your behalf.

A Medical Power of Attorney appoints and individual of your choosing to make medical decisions on your behalf. If you’re incapacitated, your Medical POA has the authority to: Consent or refuse consent to treatments (per your Health Care Directive), receive/review your medical and hospital records, sign any medical releases or health care documents.  (Source: Law Depot)

This document helps health care workers and "Medical POA" understand when to proceed with certain treatments when you’re: in a coma, terminally ill, late stages of dementia, near the end-of-life. 

Beneficiaries: 

All financial and investment accounts should have beneficiaries (individuals who are entitled to a distribution of your accounts and the percentage of distribution). 

Consult with your financial advisor and financial institution.  They have the required forms to complete designation of your beneficiaries.    

Retirement and Estate Plans: 

Details of your retirement plan should be made in conjunction with your financial advisor.  Your Estate Plan designates who gets what from your estate in the event of your death and includes such assets as cash, property, heirlooms. 

Consult with your financial advisor, who can assist you with preparing a retirement plan. 

Property Deeds and Titles: 

It is important to have a record of the property you own. This includes your home, vehicle and other property titles.  This will make it easier for your executor to oversee transfer and distribution of your estate.

Contact your local County Recorder's Office to get a copy of your property deed(s).  

Contact your local Division of Motor Vehicle (DMV) office to get a copy of your Vehicle Title and Registration. 

Tax Returns: 

Make sure you keep records of your tax returns.  The IRS recommends that you should keep records for at least the last 3 years.  

Your tax preparer or tax preparation software will have a digital or paper copy of your tax return.  

A copy of your tax return can be requested from the IRS for a fee.  Here’s how people can request a copy of their previous tax return | Internal Revenue Service (irs.gov)

Investment and Financial Documents: 

You may have a 401(k), IRA, or Roth IRA with investments that pay for your retirement. You also may have a pension or other benefits you’re still receiving from your current employer. Keep records of your bank accounts, investments, including stocks, bonds, mutual funds, and annuities.  This also includes records of any loans, such as mortgage and auto. 

Insurance Policies: 

Make sure you have copies of all your insurance policies, including health (Medicare, Medicaid), life, long-term care. home owner and auto insurance.  These policies are necessary so your executor can carry out the requirements of your Will and Medical Directive.  

Copies of your insurance policies can be requested from your insurance provider and may be easily accessed on your insurance provider web site.     

Social Security Card and Birth Certificate: 

Make sure you have a record of your Social Security number and of your birth. 

You can request a copy of your Birth Certificate from your State Vital Records Office where you were born.  Your Social Security number and card can be requested at: Social Security number & card | SSA

Marriage and Divorce Certificates:  

Divorce and extended family details can become "sticky" following decease.  Your Executor may need a divorce certificate or decree to sever any legal relationships you may have previously had.  

To get a copy of your divorce decree, contact the state vital records office where the divorce took place. 

Utility Statements and Home Insurance Information:  

Utility statements for your home will be needed by your Executor to "close out" transfer of your home. 

Utility statements are available from each utility provider (power, gas/heating, water, trash pickup, internet, etc.)

WHERE CAN I OBTAIN A WILL, POWER OF ATTORNEY, MEDICAL DIRECTIVE? 

Consult with a legal advisor or an estate planning attorney.  Each State may have different requirements. 

"Law Depot", "Legal Forms Library", "Rocket Lawyer" are several web-based sites that create a legal template specific to the requirements of your State.  These sites may also offer a "personal vault" for storage of these documents.  Free Living Will - Create, Download, and Print | LawDepot (US)  

COMMUNICATE AND KEEP YOUR DOCUMENTS IN A SAFE PLACE

It is important to review these documents with your Executor AND where these documents are located.  

Expandable Folder with Dividers

Paper copies of these documents can be kept in an "expandable folder with dividers" (Walmart, Target, Office Depot, Office Supply...) and stored in a safe deposit box OR in a personal safe. 

Digital Copies

It is also advisable to make digital copies of these documents using a "printer/scanner" and store the digital copies in a "digital vault".  Microsoft "One Drive" offers for free "Basic 5 GB free personal vault account".  Personal Vault: Store Sensitive Files – Microsoft OneDrive  

Your digital documents can also be stored on a "USB thumb drive" protected with a password.  You may want to provide your Executor with a copy of your thumb drive. 

Having all these documents in place will help ensure your retirement is as stress-free as possible. Make sure you keep them in a safe place so that they are easily accessible when needed.

Call to Action: Are "must have" Documents in Place? Updated? Available?

RESOURCES THAT MIGHT BE HELPFUL..

10 Essential Steps for Estate Planning.  Law Depot.  10 Essential Steps to Estate Planning | LawDepot

Personal Vault.   Personal Vault: Store Sensitive Files – Microsoft OneDrive   

Estate Planning. Wells Fargo.  Get an Estate Planning Checklist & Guides | Wells Fargo Advisors

8 Things You Need for an Estate Plan at Any Age. U.S. News. Kimberly Lankford.  Things You Need for an Estate Plan at Any Age (usnews.com)

AARP Crash Course in Estate Planning, Updated Edition: The Essential Guide to Wills, Trusts, and Your Personal Legacy.  Michael T. Palermo.  

15 Essential Documents All Retirees Must Have in Order.  msn.com.  15 Essential Documents All Retirees Must Have in Order (msn.com)  

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