As you prepare for the future, perhaps with a baby on the way, it’s time to take stock of your life and ensure you and your future children are protected. Once you have kids, it’s important to have these five legal documents on hand for peace of mind.
1. Trust
Create a trust that leaves money in a special account that kids can access in case something happens to you as parents. Appoint someone you trust to manage this account, payable to your kids once they turn a certain age or some other qualifying event. Gittens & Associates, premiere lawyers in St. John’s Newfoundland, recommend talking to those you would choose to be in charge of the trust beforehand and have an understanding with them of what you want and expect.2. Living Will
Explain what you would like to happen to you if you can’t make decisions about end of life issues on your own, through a living will. This doc will make clear your thoughts on life-prolonging medical treatments. Also known as an advance directive, a living will can outline what you want the hospital to do in the event you are in a vegetative state, for example.3. Power of Attorney
Assign someone close to you as health care power of attorney. This person can make decisions for your health care if you are incapacitated for any reason, such as if you are in an accident and are on life support. Choose someone you trust implicitly, as this person literally has your life in their hands.Make sure when appointing this person with this responsibility, that they know what you would want in whatever situation so that they can feel comfortable and confident in that decisions they will have to make. This is a big responsibility to leave in someones hands, you want to make this as easy of a process for them and yourself as possible.
4. FPOA
Similar to health care POA, the financial power of attorney document allows you to assign an agent who will look after your financial interests in the event of your death, long-term illness or hospital stay. Don’t let it go to the courts for them to handle. Select someone you trust to take on this duty.5. Assign Guardianship
This person would take over care of your children if you and your spouse were killed in an accident, for instance. It’s designed to protect your children and ensure they have a solid family in which to live in case the unthinkable happens to you. This guards against the possibility of the state from taking custody of your kids. You should nominate both temporary and permanent guardians as part of separate legal documents.
All five steps are crucial to securing your future, especially where kids are involved. Seek out a trusted attorney to draw up these most important documents, then keep copies in a secure, fire-safe box or cabinet. Tell those close to you where the documents are located in case you are sidelined by unexpected illness, injury or death.
Brionna Kennedy is native to the Pacific Northwest, growing up in Washington, then moving down to Oregon for college. She enjoys writing on fashion and business, but any subject will do, she loves to learn about new topics. When she isn’t writing, she lives for the outdoors. Oregon has been the perfect setting to indulge her love of kayaking, rock climbing, and hiking.