5@55: The 5 Essential Legal Documents You Need by Age 55

by Judith Grimaldi, Joanne Seminara

Many people discover too late that they need some essential legal documents to deal with common health and end of life issues. Failing to prepare these documents ahead of time can create major legal headaches that often require expensive trips to court to resolve. Written by expert attorneys, “5@55” is a slim, easy-to-read guide to the five most important legal documents you should have by age 55: Healthcare Advance Directive, Living Will, Power of Attorney, Last Will and Testament, and Authorization to Access Electronic Records and Media Sites. These are the documents that everyone says they’ll get to “eventually.” But “eventually” all too often turns to “never.” Setting a deadline of age 55 to draft these essential documents ensures that they’ll be ready before you need them—and avoid nasty and costly surprises. With full descriptions of each document, explanations of why you need it, and sample documents you can adapt to your own needs, “5@55” is a must-have manual for the second half of life.

Genres: Nonfiction

155 pages, Kindle Edition

First published June 15, 2015

Reviews

[Wanda · Rating 5 out of 5]

This book is a must-read. We don't know how old (or young) we will be when we die. Not everyone lives until they are in their 80s or 90s. Also, we could be young and healthy today, and tomorrow, something changes that. This book gives you a good overview of things you can put into place now to help you and your family at the time of your death or a decline in your health.

[Mark Zodda · Rating 4 out of 5]

Very good information provided in a short, easy to read format. Too many scary stories and too much reliance on seeing a lawyer for any question you have about anything, but the bottom line information is essential and very relevant for everyone, not just for those who are 55. In fact I think they should re-work this and come up with "The 5 Essential Legal Documents You Need by Age 25."

[Brooke Davis · Rating 5 out of 5]

Very helpful. The last chapter on the Digital Diary was particularly useful. I have often wondered how to close digital accounts after someone dies.

[Ryan · Rating 3 out of 5]

You need those 5 things listed in the summary for the book and if you don't get an attorney to do it all for you, you are ruining your life.

[Jennifer · Rating 5 out of 5]

Very helpful guide with practical examples that explain the necessity of each document.

[Peggy · Rating 2 out of 5]

This book is a good idea done poorly. The idea that there are at least 5 legal documents that you need by the time you turn 55 is an excellent premise. But I found the descriptions of these documents confusing and overlapping, and the book omitted all but a cursory mention of Trusts which is perhaps the most important document of all. It is so poorly written and edited (how does anyone have duplicate word errors anymore?) that I am tempted to give it only one star, but I'll give it two stars because at least they're tackling this important topic.

The documents the authors say you need are a Health Care Proxy (also known as an Advance Health Care Directive, it's a document in which you appoint an agent to make health care decisions for you if you are unable to do so), a Living Will (which allows you to leave instructions about the care you want to receive at the end of your life if you are unable to give those instructions), a Power of Attorney (which gives someone you choose the power to act in your place), a Will (lumped into Chapter 5 as Wills, Trusts, and other planning tools and described as a document that states your wishes as to who will inherit your assets and how they will be distributed after you have passed away), and a Digital Diary (a document to help those left behind handle your online presence).

The authors give real life stories from their own practices to illustrate what bad things will happen if you don't execute the documents. Reading the horror stories will hopefully jar people into action.

The chapter on Digital Diary is especially good for Boomers. Every Boomer has a story about someone they know who dropped dead unexpectedly and who's loved one was left scrambling to find the password to their phone or computer to get access to important files. Ironically, the suggested solution is to keep a paper list of all web accounts and passwords in a desk drawer. So much for security.

The good news is this book is only 100 pages long. While I agree that it is VERY IMPORTANT for everyone 55+ to have a Will, Power of Attorney, and Advanced Health Care Directive, it's also EXTREMELY important to have a Trust to protect your assets. Get thee to a good Estate Planning attorney!! (I happen to know one if you need one...wink!)

[Christa Van · Rating 4 out of 5]

This book is short and sweet with just enough hair raising examples to make you take their advice seriously. The idea is that by 55 you are at a solid place in your life to make decisions about your health, your assets and how to leave things if you become incapacitated. All of the advice comes from lawyers who have handled estates law and seen the worst and best case scenarios. I'm sure the advice is good - don't wait to deal with these issues.

[Linda · Rating 5 out of 5]

Short and sweet with useful info to get started with age-relevant documents!

[Nate · Rating 3 out of 5]

Important book speaking about things that seem far off but are needed ASAP. Digital Diary chapter seemed the weakest because suggestions included keeping a list in a drawer (not particularly secure). Wills and Trusts, I think, could have been explained better; it seems the authors thought the reader would know about these already.

[Linda · Rating 4 out of 5]

Excellent resource.