How to Prepare

How to Prepare

Here are four legal documents you should have:

An advance medical directive sets down what kind of care you'd like if you are unable to make medical decisions for yourself.

A durable financial power of attorney appoints someone to make financial decisions for you until your death.

A durable health-care power of attorney appoints someone to consider your medical circumstances and make health-care decisions for you according to your wishes.

A will directs the distribution of your assets after your death. For a will to be valid, you must be of legal age -- 18 in most states -- and mentally competent. It must be signed in the presence of two adults with no potential conflict of interest, and it must include substantial provisions disposing of your property and an indication that the document is your final word on what happens to your estate.

Other documents and information you will need:

Names, addresses and birthdates of everyone named in your will.

Names, addresses and phone numbers for your executor and for guardians for any minor children.

The amount and source of your principal income.

The amount, source and beneficiaries of your retirement savings accounts and other financial assets.

The amount of your debts, including mortgages, loans and business debts.

A list of the values of any property you own, including real estate, jewelry, furniture and other assets.

A list of any jointly owned property and the names of the co-owners.

Legal documents such as prenuptial agreements, marriage certificates, divorce decrees, recent tax returns, existing wills and property deeds.

A list of any safe-deposit boxes and a description of the contents of each.

SOURCES: American Bar Association and AARP