Conversation Checklist
Families may avoid potential problems and be in a good
position to deal with later life needs by understanding and being prepared
to face the following issues.
Financial Organization
There are many financial resources that your loved one
might already be receiving or be eligible for. Social Security is the
federal program that provides retirees a regular income based on work
history, and benefits to disabled workers. Long-time workers usually have
pensions that are retirement compensation plans either fully managed by the
employer, or involve employee contributions, such as Tax-Deferred Annuities
(TDAs) or Individual Retirement Accounts (IRAs). Some people have "lost" a
pension they earned, while others forget about a retirement account set up
many years prior. Low-income and disabled individuals age 65 or older could
also be eligible for monthly cash benefits through Supplemental Security
Income (SSI).
Legal Preparation
Wills and power of attorney may not be topics your
relatives want to discuss. However, these issues need to be addressed before
it's too late to make sure that their assets are properly taken care of and
that their medical treatment preferences are known. A will directs how a
person wants property to be distributed after death and appoints a trusted
person to be the executor; and a durable power of attorney provides written
authorization for a person you name to act on your behalf for whatever
financial or health care purpose you spell out. An advance directive is a
legal document that provides directions for your health care if you are
unable to speak for yourself.
Ask…
- Are pension savings from all jobs over the years being collected?
- Is there a need to apply for Supplemental Security Income benefits?
- Who can access your important financial information in case of
emergency?
- Where do you keep these important documents?
Ask…
- Do you have a will?
- Have you executed a durable power of attorney or considered who you
might want to handle your finances or health care decisions in the event
that you are unable to so?
- Are important legal documents up to date?
- Where are these important documents kept?
"Thirty percent of adults do not know where their
parents keep important papers such as their health insurance card, financial
statements or will."
- Family Circle and Kaiser Foundation
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