The following types of important legal documents are good to have updated before you retire:
- Powers of attorney: There are different types of powers of attorney, such as a power of attorney over health care and a power of attorney over property or finances. In these legal documents, you designate someone to make decisions for you in the event you’re unable to do so.
- Living will: This legal document outlines the types of medical treatment and life-sustaining measures you want or don’t want.
- Will: In this legal document, you designate someone to manage your estate and provide for the transfer of property at death.
- Beneficiary designations: With these forms, you identify who you want to receive any benefits that may be payable to a beneficiary following your death, such as any remaining balance in your Retirement Savings Plan account (on Fidelity’s website) and any life insurance benefits (on Your Benefits™). To review your life insurance beneficiary designations, go to Your Benefits™ or call the RASC.
Place your legal documents and other important information in a safe location and let family members know where to find them. It’s also a good idea to provide the RASC with copies of your financial-related powers of attorney. Call the RASC for details on how to submit this information.