Affairs and Finances: Know This Essential Legal Documents
Legal documents, of course, play an essential role in protecting our affairs and finances. In due time, our age and life will change. So, make sure that before it happens, all the necessary legal documents are composed and well arranged.
Whatever legal age you are, it is wise that you compose the following documents:
Legal Documents That You Must Have
Financial Power of Attorney
A written authorization used to appoint someone on your behalf to make financial (and perhaps medical) decisions. Wherein you are allowing the named individual (or agent) to transact on financial accounts, pay bills, sell a property, open accounts in one’s name, etc.
Financial Agent's Tasks:
- Paying your bills
- Paying your taxes
- Paying medical expenses
- Managing your real estate assets
- Accessing your financial accounts
- Investing on your behalf
- Collecting any retirement benefits
- Transferring and selling your assets
- Buying insurance for you
- Operating your small business
- Hiring someone to represent you
Your financial agent's tasks have limitations. He or she cannot do whatever he or she wants. It is required for him or her to act on your best interests.
Make sure to organize all your finances before appointing someone on your behalf and let both of you understand your legal obligations.
This kind of will is different from other wills. It doesn't distribute anything, like property and finances. It is a written authorization to state your medical wishes specifically in the event you are incapable of giving consent to your health care treatment.
It can be specific and general.
For example, if you are unable to express your medical wishes, your family can refer to your Living Will as a statement of your medical wishes.
Without living will, the burden of making decisions for you falls on your family. It is important to have someone you trust beside you to make choices on your behalf.
Health Care Proxy
It is a written document wherein the patient appoints someone to legally make a medical decision on his/her behalf. In the case, wherein the patient is incapable of making healthcare decisions on his/her own.
Who is allowed to have one?
Those who are of legal age and who are suffering from an illness and unable to communicate well are allowed to have a healthcare proxy.
Is a Living Will the same as a Health Care Proxy?
A Health Care Proxy may refer to a document that contains a Living Will or Medical Power of Attorney. Also, not all countries, states, or regions have the same requirement. It may vary based on the needs of a person.
So make sure to check your state's laws regarding this matter to determine exactly which documents you need to have. Then, you choose what best requires for you.
Last Will and Testament
This document will specify how you would like your assets to be divided into your children. Medical decisions will not be made in last will. This document outlines what to do with his/her possessions, whether the deceased will leave it to his relative or his or her closest family member or will donate it to charitable institutions or any responsible person he or she trusts.
It will be valid if a person who made this will dies.
Legal documents defined above are the main important documents you should process if you're after you medical and financial asset's protection.
Get Expert Help for Your Legal Documents
If you're looking for legal services that process these kinds of documents, then it is advisable for you to get help from the experts. Or if you seeking for a copy and template of various legal documents, there are some online legal documents that you can download. Aside from that legal services are also now made available online. That is why it is much easier for you to get hold of these documents.
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