Financial • 4 minute read
Preparing Your Loved Ones for Your Own Old Age
By Kristina James
Published by Ruby
Ruby helps you and your family prepare and organize life's important information.
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There is a lot to enjoy about getting older, but there are plenty of hard things as well.
It would be lovely if we aged in perfect mental and physical health but, sadly, the truth is that one often fails us before the other. And, although everything may be just fine today, there will probably come a time that you need those around you to help you – to care for you, even to keep you safe.
For most of us, that will mean friends and family step in to support us. It’s not a burden, it’s a relationship – they love us, we love them, it’s what we do for one another. But that doesn’t mean it’s easy… for you or for them.
And that’s why it is important to prepare.
Do you have plans at the ready in case of an emergency?
Most people know that you need a will, some know you need a living will, and those planners among you may even have prepaid funeral arrangements taken care of! But there are a lot of things that people don’t think about.
For example, does your family know of any allergies to medications you may have? Do they have a copy of your health insurance card? And if you are aging at home, does your caregiving network know the name of your trusted handyman to deal with household issues?
When things happen – whether a scheduled surgery, an unexpected diagnosis, or an accident – these are the kinds of things the people who care for you will need.
At Ruby, we’ve built a tool to help you and your family prepare for your own old age.
Our secure online Vault is like a digital safety deposit box.
Instead of having to keep a key and go to the safe to retrieve important information, you can securely share it online with those around you who may need it.
A Ruby Vault is a place to store things like:
- Wills, Living Wills, and Power of Attorney documents
- Lists of your doctors, preferred hospitals, and current medications
- Names and numbers of friends and neighbors who can help in a pinch
- The place you like to board your pet when you’re away
- Property deeds, automobile titles, and insurance documents
- A list of bank and investment accounts
The uncomfortable subject of money
It’s awkward to talk about money, but it’s likely that — just as we’ll need help managing daily life as we age — we’ll need help managing our finances.
It’s a sad truth of the world today that many of us will be targets of fraud. Scammers take advantage of people’s sometimes overly-trusting nature in old age. Or it may simply be that technology advances at a pace that we don’t care to keep track of, and those advances can leave us vulnerable if we don’t know to protect ourselves.
This is where Ruby can make it easy for trusted friends and family to help.
When the time comes, you can connect your existing bank accounts to Ruby. This lets you and those around you to keep an eye on financial activity like:
- Making sure your bills are getting paid
- That no one is taking advantage of you
- That your money is safe and being used in the way you want it to be
Connecting your accounts to Ruby lets you keep your independence. The connection doesn’t give Ruby access to spend, withdraw, or transfer money from your accounts. It just lets those who care for you help keep an eye on things.
Showing them how it’s done.
A friend of mine had an interesting perspective: “It’s a blessing to have lived long enough to be needing help!” he said, “I’m teaching these kids how to grow old gracefully! Or is it disgracefully?”
Getting organized and prepared before it’s urgent is one of the biggest gifts you can give your loved ones. Let’s show them how it’s done.