Documents you need

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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.


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