The Things Worth Organizing in Your 50s

Nothing special happens at 50. But many people find that their 50s are when planning starts to feel practical, because their parents are aging, their children are growing up, and their own health is more on their mind. This article lists what is worth organizing now, while there is no emergency.

What papers should I gather first?

Put your important papers and copies of legal documents in one place, says the National Institute on Aging. Its checklist includes your legal name, birth date, and Social Security number, the names and addresses of your spouse and children, the location of your will and other legal documents, and a safe deposit box and key if you have one. Make sure a trusted person knows where this is.

Who should speak for me medically if I cannot?

Name a health care proxy. The Institute says this is usually done with a durable power of attorney for health care. A living will can also record what treatments you do or do not want. Both can be changed later. Give copies to your proxy and your doctor. The Institute says free forms are available through your state attorney general, your local Area Agency on Aging, and groups such as AARP and the American Bar Association, according to Michigan State University Extension.

Who should handle my money if I cannot?

A durable power of attorney for finances names someone to act for you, and it stays in place if you can no longer make decisions, according to the National Institute on Aging. It differs from the health care document. The Consumer Financial Protection Bureau explains that the person you name takes on legal duties: to act in your best interest, to keep your money separate from theirs, and to keep records. Choose someone you trust to take that seriously.

Is my will current?

If you have a will, check that it still fits your life: marriages, divorces, children, and moves. If you do not have one, see What Happens If You Die Without a Will?. The Institute suggests talking with a lawyer about a will, trust, power of attorney, or advance directive.

Are my beneficiaries still right?

A law firm’s checklist advises coordinating life insurance, retirement accounts, and payable-on-death accounts, because these may name their own beneficiaries. Look at each one and check the names.

What about my digital accounts?

List the accounts your family would need to find, and say where the passwords or a password manager are kept. See Digital Accounts After a Death.

Does this mean something is wrong?

No. These are the same steps whether you are healthy or not. The difference is that doing them now means you choose, without pressure, and your family does not have to guess.

What should I do next?

Start with the papers, then the two powers of attorney. Review everything once a year or after a major life change. If you have a parent who is aging, see 10 Conversations to Have With Your Parents While They’re Healthy. You can also record your wishes in My Final Day Plan.

This is general educational information, not legal advice. Laws about wills, guardianship, and powers of attorney vary by state, so an attorney licensed in your state can confirm what applies to you.