Documents you need

We have learned how to achieve Financial Freedom and have Financial Security. Now, we need to learn about documents that you need.
Documents you need

Photo by Melinda Gimpel on Unsplash

We have learned how to achieve Financial Freedom and have Financial Security. Now, we need to learn about documents that you need. These documents need to be in place to protect you and your family if you are incapacitated or you die. These documents can be called our Financial Guide.

This guide will be a tool for your loved ones to use in the event of a serious medical tragedy or death. When they are faced with these events, it is very difficult to make decisions. Your loved ones can even become victims to scammers. Therefore, you need to prepare ahead.

These are main documents you need:

  1. Advance Medical Directive
  2. Durable Power of Attorney for Health Care
  3. Financial Power of Attorney
  4. Term Life Insurance
  5. Will and Revocable Living Trust

These documents need to be prepared by a qualified individual, such as an attorney. I know that there are many “do it yourself” Will Kits. However, these may not necessarily be recognized by your state. It is better to find a good professional to prepare these documents for you. Your Revocable Living Trust needs to be properly funded. Otherwise, you will create more of a problem for your loved ones.

If you have these documents in place, you protect your loved ones. With a will, you express your desires for the disposition of your assets, be they many or few. You designate who will take care of your young children. To me, this is the most important reason to make a will. To protect your children. You don’t want them going to someone who doesn’t share your value system. You want them to be raised with the same values you would have instilled in them had you  not died before they became adults.

 

Share:

More Posts

Investment Terms

Investment Terms

The investment terms are all hyperlinked to www.investopedia.com. They have very comprehensive definitions.

Investing for retirement

Investing for retirement

If you are not debt-free, you are not ready for investing for retirement. You need to follow the steps previously discussed before you can began to invest for retirement. This is step number five of your essential steps.

ID theft victim

Id Theft Victim

So what happens when you become an Id Theft Victim? If you do not have Id Theft Insurance, then you need to handle this yourself. It is a long and arduous process. If you do become an Id Theft Victim, follow these steps:

Understanding Your RIghts

Understanding Your Rights

We’ve talked about how to manage your debt and get out-of-debt. Next, we’ll deal with understanding your rights as a debtor. Yes, you do have rights. There

Send Us A Message