Given all the hard work we put into building our wealth, you really need to ensure your wealth is transferred to those you wish, in the manner you wish, with as little cost as possible. Use these documents. You may begin with standard templates from books, websites or other sources. But use a lawyer to finalize these important documents.
Documents everyone must have:
- Will: which ensures your assets will be divided according to your wishes.
- Durable power of attorney: which appoints someone to handle your legal and financial affairs if you’re unable to.
- Living Will: which declares what life-sustaining medical treatments you want should you be incapacitated.
- Health-care proxy / durable power of attorney: which appoints someone to oversee your medical interests should you no longer be able to.
- Different states have different names for the medical documents, but they’re all critical to your smart financial planning.
Documents most should have:
- Prenuptial agreement: protects your assets from dissolution of marriage
- Life insurance: protects your assets from loss
- Business succession plan: develop a detailed, realistic action plan to achieve your goals.
Documents that might be the most important document to have:
- Living Revocable Trust **
- Avoids probate
- Keeps information private
Review these goals regularly:
1) Make sure you’re on track to meeting them. 2) Adjust for changing financial circumstances, desires, or life events.
- change in marital status
- job loss
- retirement
- birth of a child
- death in the family
I’m not going to even bother asking who has these documents. Statistics tell me almost no one does. I will ask this. Why? What are you waiting for? What’s holding you back?
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