No matter how old you are, planning for old age right now is the best way to ensure you are prepared for retirement and beyond. But by the time you are 55, you should have five essential legal documents in place. Ensuring these documents are in place can help you avoid end-of-life issues and legal headaches in your golden years. As an estate planning attorney, Veitengruber Law recommends following the five by 55 rule. Having these five documents in place by the time you are 55 will cover most of your estate planning. The five documents include:
1. Healthcare Advance Directive
A healthcare advance directive will give your chosen loved ones the power to make healthcare decisions on your behalf if you are unable to make those decisions yourself. The person designated in your healthcare directive will be able to choose what kind of medical treatment you receive if you are unconscious, incapable, or otherwise incapacitated. This can help you ensure your healthcare wishes are respected. Having this kind of directive in place can ease the burden of these situations when they happen and ensure your trusted loved one is legally empowered to make the right medical choices when necessary.
2. Living Will
A living will is a comprehensive legal document indicating what kind of medical interventions you want if you cannot vocalize your wishes. Many living wills include personal preferences concerning pain management, organ donation, the use of CPR, mechanical ventilation, tube feeding, or other life-sustaining treatments. Living wills can also include information on medical interventions you do not wish to have based on religious or personal beliefs, like vaccines, antibiotics, or blood transfusions. A living will let your doctors, loved ones, and legal professionals know without a doubt what your wishes are concerning your healthcare.
3. Power of Attorney
A power of attorney is an important legal document that allows someone else to act on your behalf legally if you cannot do so. This substitute decision-maker will have the ability to make financial and legal choices for you if you are incapacitated. A power of attorney is a great tool to protect yourself and your loved ones in the event of a coma, traumatic brain injury, long-term mental health crises, dementia, Alzheimer's, and other unfortunately common scenarios.
4. Last Will and Testament
When people think of estate planning, they usually think of a last will and testament. This legal document is meant to convey your wishes for your assets and possessions in the
event of your death. A will can spell out exactly how you want your assets distributed after death. It can also detail your desires regarding any dependents, your business, or other financial matters. This gives you some control over what happens to your assets after your death.
5. Authorization for Electronic Records and Social Media Sites
Technological modernization has pushed so much of our lives online. Most people manage the vast majority of their lives through the internet or apps. Banking, paying bills, managing utilities, socializing, retirement planning—all of these things have moved in some way to an online platform. And most of these platforms have enacted strict privacy and security protocols to limit identity theft. This means that if someone needs to access these sites to cancel services or disable profiles after your death, they will need legal authority. Authorization to access these crucial accounts can ensure they can keep your life in order during a temporary setback or terminate/monitor these accounts after you are gone.
The five at 55 estate planning rule will help you prepare for an easy, stress-free life post-retirement. Everyone says they will eventually get to it, but life happens quickly. Veitengruber Law can help you create these essential legal documents and ensure you avoid costly and emotionally draining surprises later in life.
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George E. Veitengruber III and Nicole A. Suissa are New Jersey attorneys, practicing New Jersey law exclusively in New Jersey. None of the information contained herein should be deemed to apply in other states, nor may this page be construed in any way as an attempt by either Ms. Suissa or Mr. Veitengruber to practice law in any state other than New Jersey. This page is intended to provide general information about our firm and its areas of practice to our current and potential clientele. It is not intended to give legal advice to anyone on any subject. That can only be done through a complete consultation with one of our attorneys. Legal advice obtained through this site does not create an attorney-client relationship, and the reader should not rely on same. According to the Supreme Court of New Jersey, and pursuant to the New Jersey Rules of Professional Conduct, this may be considered an “advertisement.” Before making your choice of attorney, you should give this matter careful thought. The selection of an attorney is an important decision. If the representations made on this page are inaccurate or misleading, you may report this to the Committee on Attorney Advertising, Hughes Justice Complex, CN 037, Trenton, NJ 08625. We are a federally designated debt relief agency — we help people file for bankruptcy. Information provided regarding “legal questions” or “bankruptcy updates” is for informational purposes only. While we hope and believe the information will be helpful, we do not warrant that the information is accurate or complete. Information is provided only in accordance with New Jersey and/or Federal Law. We are not licensed to practice law in any states other than New Jersey. The information does not constitute legal advice and should not be relied on as such. If you want legal advice, please consult a local lawyer directly. While we would welcome the opportunity to be that lawyer, we do not accept clients or render advice until the completion of a client intake form and a signed retainer agreement.