Tuesday, March 14, 2017

Legally Done

This was a featured post on The Money Make-up Artist blog. Tracie Threadford invited me to participate on her blog as a guest blogger and it was fund doing so.  She has a great website regarding your financial needs.  Click here to check it out.  
Are you prepared if something severe happens to you, your husband, or your family? Death? Illness? You have to sign on your spouse’s behalf? Many of you probably answered “no” to several of these questions. Well, let’s get you ready.  Have you ever thought about having a Will, Living Will, Power of Attorney (P.O.A.) done? Do you have Life Insurance? These are some important documents that everyone should have, even on an individual basis. It doesn’t take much to prepare but it means a lot to have them if and when they are needed.
DISCLAIMER: I am not an attorney and this information is just my personal view of these documents. I do have these documents for my own personal life and I just want to share the importance of having them.
Will. 
This document is used to state the specifics of how you want your property, personal items, and finances disbursed after your demise.  You can name individuals, add clauses, and handle situations all in your Will. It allows as you to be in control of who gets what and why after your death.  This document will not be official until you die, but it is good to have it on hand. You don’t want to leave your family with more burdens than what they are currently going through at that time.  If you have any changes that you would like to make to your Will, the document you will complete is called a codicil. This is like an amendment to certain items in your will to state their changes.  Also, you don’t want your property going to the state. This will allow your family to keep the property in the family unless you state otherwise in the Will.
Living Will. 
This document will take effect when you are admitted into the hospital and you can’t speak for yourself. You become very ill and have to be put on some type of additional support to help you continue to live.  You can state specifics of how you want the medical staff to handle certain matters regarding your health.  You can also name a specific person(s) to speak on your behalf.
Power of Attorney (P.O.A.)
This document will allow you to name someone to sign/act on your behalf.  There are two specific type of Power of Attorneys: 1) Durable & 2) Specific. The Durable POA gives the rights to an individual that you will assign to act on your behalf. It will not have an expiration date to it.  The Specific POA is a specific document that will allow someone to only act on your behalf for a specific reason. This document will have an expiration date on it. After that expiration date, the POA is no longer in use.  I will advise that once you get these documents completed; have them recorded at your local Judge of Probate office. Make sure you get a copy of the recorded document as well. 
Life Insurance
This type of insurance comes in after your death to help pay for funeral and outstanding debt expenses. This is important because you don’t want to leave your family with your debt. There are two type of life insurance policies: 1) Whole & 2) Term.  Whole life insurance lasts throughout your lifetime and become active after your demise. You can borrow on the policy, depending on how long you have had it, and the status of your policy. That would strictly be up to the company to allow you to do so.  Term life insurance is based on a certain time frame. If you have such, and you don’t die when the policy expires, you will have to obtain another policy. The terms range from 5 years thru 25 years, depending on the company. If this is something that you would like, then this is for you. Personally, I would not want to take on the risk of paying money on something that will expire before I do. You would not want your family or friends having a "Go-Fund Me" account setup for your funeral expenses.  Life insurance policies are NOT expensive. Get you and your family a policy in place today! 
There are many other legal documents that are available. Sit down with your spouse and talk about the documents I just I mentioned and get this done as soon as possible. These are all good to have on hand and have in an area that you can go directly to them when needed.  You can put them in your safe deposit box at your bank, in a folder at home, give a copy to family members or friends that you trust. Of course, if you go to an attorney to have them to prepare the documents, they will have a copy for you.  I would suggest you schedule a consultation with an attorney to get the legal aspects of the documents and get them started on. You’d rather be prepared than be sorry. 

  Until next time, 



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