The Must-Have Documents

The story: Grace gets the papers in order

After a friend’s family struggles following a stroke, Grace signs a will, a power of attorney and health papers, and tells nephew Lee where they are kept.

1. Narrator: Grace’s friend had a stroke last year. At first, the family couldn’t pay the bills or talk with the doctors.
2. Grace: I don’t want my family stuck like that. Which papers do I need?
3. Narrator: Three papers speak for you when you can’t: a will, a financial power of attorney and a healthcare proxy.
4. Lee: And a HIPAA release, so I could talk with your doctors if you ever needed me to.
5. Narrator: Grace signs them now, while able, and tells Lee where they’re kept.
6. Grace: Now if something happens, the right people can act.

What you’ll learn

1. A will

   A will says who gets what after you die and names who’s in charge of carrying it out, called the executor. Without a will, state law decides.

2. A durable financial power of attorney

   It lets someone you choose manage your money if you can’t. “Durable” means it keeps working if you lose the ability to decide. It doesn’t reach Social Security or VA benefits, which have their own rules.

3. Health papers

   A healthcare proxy names who makes medical choices if you can’t. A living will states your care wishes. A HIPAA release lets family talk with your doctors.

4. Sign, store and share

   Sign them while you’re able. State rules vary, and banks may want their own forms. You can also name who you’d want as guardian if one is ever needed. Store the papers safely and tell people where they are.

Key words

will

your instructions for after you die

power of attorney

authority you give someone to act for you

Also called: POA

healthcare proxy

the person who makes medical choices if you can’t

Also called: healthcare agent

advance directive

your written care wishes, like a living will

Common questions

Do I need a lawyer?

Not always. Many states offer free health forms, and legal aid or an elder law attorney can help with a will and a power of attorney.

What if I already have old papers?

Good start. Read them again: do they name the right people, and do they match your state’s current forms?

Remember this

Will, money POA, health proxy: three papers that speak when you can’t.

Try it: Check your must-have papers

1. On one sheet, list the five papers: will, financial power of attorney, healthcare proxy, living will and HIPAA release.
2. Check off which papers you have.
3. Write where each one is kept, and tell the people you named.

The whole mission: one sheet of paper, no account needed.

Live facts

Numbers that change over time, with when they were last checked and where they come from.

• Advance directives and state forms

  Source: NIA.NIH.gov(opens in a new tab)

• Guides for people named in a power of attorney

  Source: ConsumerFinance.gov(opens in a new tab)