When it comes to legal matters, it is always better to be safe than sorry. The best way to reduce stress and protect your assets is by creating legally binding documents. They will specify how you want your affairs handled in the event of an emergency, incapacity, or death. In this post, we’re listing five important types of legal documents, along with the reasons they’re important to strategically complete.
Guardianship Documents
One of the most important legal documents you can have is a guardianship designation if you are a parent. This document specifies who you want to care for your minor children in the event that something happens to you. Without a guardianship designation, the court will decide who takes care of your children, which may not be who you would choose.
A guardianship designation can specify who you want to appoint and for how long. For example, you may wish your parents to care for your children until they turn 18. Or, you may want a trusted friend or family member to take over if something happens to you sooner. You can even designate more than one person as guardian if your first choice is unable or unwilling to take on the responsibility.
Health Care Power of Attorney
A healthcare power of attorney is a legal document that allows you to appoint someone to make medical decisions on your behalf if you cannot do so yourself. This can be due to incapacity, unconsciousness, or any other reason. You can give your healthcare power of attorney to anyone you trust. Although it is typically given to a close family member or friend. It is important to choose someone you know will make decisions according to your wishes. You can revoke or change your healthcare power of attorney anytime, as long as you are of sound mind.
Financial Power of Attorney
A financial power of attorney is a legal document that allows you to appoint someone to make financial decisions on your behalf. This can be helpful if you cannot manage your finances due to incapacity, unconsciousness, or any other reason. You can give your financial power of attorney to anyone you trust. Although it is typically given to a spouse, family member, or friend. You can give your financial power of attorney as much or as little authority as you wish. For example, you could give your agent the authority to pay bills, manage your bank accounts, and sell your property. Or, you could give them more limited authority, such as the ability to sign checks on your behalf up to a certain amount.
Living Will
A living will is a legal document that outlines your wishes for end-of-life medical care if you cannot make decisions for yourself. A living will go into effect if you are terminally ill or in a vegetative state. It is used to instruct your loved ones and doctors about the kind of treatment you do or do not want to receive. Living wills are an important part of advance care planning. It can help take the guesswork out of decisions about your medical care if you become seriously ill.
Do not confuse this document with a living will. The living will is only applicable when a person is said to be permanently unconscious, terminally ill, or seriously incapacitated. If you are temporarily unconscious or otherwise temporarily unable to communicate, then the person you appoint in your living will cannot make health care decisions for you. You need a medical power of attorney for that.
Last Will and Testament
A last will and testament is a legal document that allows you to specify how you would like your assets to be distributed after your death. You can also use a last will and testament to appoint a guardian for your minor children.
A last will and testament is an important document to have. It can ensure that your wishes are carried out and that your loved ones are provided for after your death. If you die without a last will and testament, your assets will be distributed according to the laws of your state of residence. This means that your assets may not be distributed in the way that you would have wanted.
Saanichton Law Group Can Help!
While estate planning may seem daunting, it is important to have the proper documents in place in case of an emergency. The top five legal documents every adult should have are a guardianship document, health care power of attorney, financial power of attorney, living will, and last will and testament.
If you want more information or assistance drafting these documents, contact Saanichton Law Group today for a free consultation. We can help make sure your loved ones are taken care of in the event of an emergency.
We are a full-service law firm that offers a wide range of legal services to individuals, families, and businesses.
