3 Essential Legal Documents that will give you Peace of Mind
BY READERS DIGEST
19th Aug 2020 Down to Business
There are certain legal documents that every adult should have for the sake of their own peace of mind. These documents will let you rest easy knowing that you and your loved ones will be taken care of no matter what. With so much unpredictability in life, it is very important that you are as prepared as you possibly can be.
The legal documents listed below will provide you with more information on each one, so you can make an informed decision. You’ll definitely benefit from learning more about these documents.
Lasting Power of Attorney
A Power of Attorney lets you choose a specific person to make financial decisions on your behalf. This is used if you were to become mentally incapacitated. The last thing you want is to leave this up to a court because the person that is chosen might not be the one you had in mind.
When you officially assign someone you trust to make financial decisions during a period of mental incapacitation, you’ll be able to rest easy. Many people who choose not to have this document end up in financial straits due to some unforeseen circumstances or events. Unlike with a regular power of attorney, you won’t have to worry about this document expiring after a year.
A Will
Most people have a basic understanding of what a Will is, but there are still probably some things you don’t know about this legal document. This document allows you to determine how your estate is distributed upon your death. You will be able to choose which people receive your possessions.
One of the biggest benefits of having a Will is that the loved ones you leave behind could save money on federal estate taxes. This means that they get more of whatever you want them to have. It is absolutely crucial that you have this document created if you have children. You will know that they’ll be taken care of in the event of your death.
A Living Will
There is also a Living Will, also known as an Advance Directive. This legal document will detail who is in charge of making healthcare decisions on your behalf if you are not able to. You can make your Living Will as specific as you want.
For example, you can choose to be put on a breathing machine if it becomes necessary to keep you alive. When you have this document created, you can save your family a lot of stress and arguing with each other. You will also know that your wishes will be honored if you are ever unconscious for any reason.
All of the legal documents listed in this article can be useful to the vast majority of adults. These documents are for your own peace of mind, as well as the benefit of your loved ones. It is important that you take a close look at each one before making any final decisions.
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