(Des Moines, Iowa) – This holiday season Iowans will gather with loved ones and it is a great time for an open discussion about the location of important documents which detail end-of-life plans. Officials with the Iowa Insurance Division (IID) say it’s never too early to create an end-of-life plan, which is a set of arrangements or decisions made in advance regarding the care, treatment, and personal affairs at the end of a person’s life. It typically involves preparing for the final stage of life in a way that aligns with the individual’s wishes, values, and goals. The discussion doesn’t have to divulge details you are not comfortable sharing, it just ensures the following information may be found in case of an emergency.

A will outlines how a person’s assets should be distributed after death. Trusts are legal arrangements that help manage how assets are distributed, potentially avoiding probate. A power of attorney designates someone to manage financial and legal affairs on your behalf if you cannot do so. All parties assigned to carry out these duties should have copies of these legal documents.

The IID encourages you to assemble a list of banking and financial accounts with the policy or account numbers, passwords, etc. Accounts should have updated beneficiaries or designate a payable-on-death designation. Consider consolidating financial accounts to one or two financial institutions. If using a licensed financial professional, ponder an introduction to those tasked with handling your affairs. Add trusted contacts to your financial accounts so that if there is a change in behavior or something seems suspect with the account, the contact may be notified.

This article provided by By Sonya Sellmeyer, Consumer Advocacy Officer for the Iowa Insurance Division

Outline information on life insurance policies, and if they are paid up. If assistance is needed in locating a policy after a loved one has passed you may use the free National Insurance Commissioners Life Insurance Policy locator service. Advance directives include a living will and a durable power of attorney for health care.  A living will is a document that specifies the types of medical treatments and life-sustaining measures a person wishes to receive or avoid in case they become unable to communicate their wishes.  A durable power of attorney for health care appoints someone to make medical decisions on behalf of the person if they are incapacitated (e.g., in a coma or terminal illness).

If there is a long-term care policy, know how the premiums are paid, and the requirements for benefits to start.  Request a designee on the policy who receives a notice if a premium is not paid. Discuss palliative care and hospice preferences for pain management and comfort care. Funeral and burial preferences should be communicated in writing.  Include any specific wishes or instructions, and if your loved one wants to be an organ and tissue donor.  Communicate any prepaid funeral policies.

Having discussions about the location of these documents and future legacy planning does not require someone sharing more about their finances than they desire.  It is about knowing where documents are kept and being able to assist with the care of a loved one when needed.  These conversations create transparency and understanding with everyone involved.