It’s the time of year to be surrounded by paperwork. Since the pile of pile already takes up a chunk of your dining room table, why not review legal documents for you and your care recipient to ensure they are up-to-date.
–Will: Experts recommend updating your will every three years. Consider: Are beneficiaries still living? Does the will reflect the correct distribution of all assets?
–Durable powers of attorney for health care and finances: Have you or your care recipient moved to a new state? If you have, check with your attorney to ensure the POA will be recognized in the new state. And, be sure your POA gives you the power you need. For instance, if you live in Illinois and your care recipient lives in Florida, the attorney may recommend you have two POAs—one for each state.
–Long-term care insurance. Has your care recipient’s care needs increased? Check your care recipient’s long-term care insurance policy to ensure your care recipient is receiving all the covered benefits.
–Investments. Are your care recipient’s investments still appropriate, given your care recipient’s age and care needs? Are your investments still working for you?
–Caregiving mission statement: Are your goals still on track?
–Your back-up plans. Do your contingency plans still work, based on your care recipient’s current care needs?
Keeping paperwork up-to-date helps you stay on target in your caregiving role.
