Do you have your legal ducks in a row? Many family relationships have been permanently damaged by a lack of appropriate legal guidance. Although unpleasant, some time spent now can help family members know how to proceed when you are no longer living. Invest in creating the necessary legal documents so you can leave a meaningful legacy to your heirs. Without those legal documents, the state takes over and your relatives can spend years in litigation trying to sort out who gets what, when, and where. In the meantime, close as well as distant relatives could be circling for their “fair share.”
Although it may feel morbid, completing this process doesn’t mean that you are going to die soon. What it does mean is that you will be well prepared out of respect for yourself as well as your family. Now is the time for you to plan how to direct family members to do what is right for you and your estate.
The following is a list of legal documents you should complete and have filed together in one place, especially if you are 5-6 years into your career and preferably before the age of 55 but definitely before you transition to retirement:
• Defined Benefits and Contribution Documents
• Directions For Where You Keep Your Legal Documents
• Documentation of Insurance Policies
• Documentation of Investments
• Durable Power of Attorney for Finances and Healthcare
• Five Wishes
• Medical Directive
• Medical Release of Information
• Tax Documents
• Trust
• Will
As you can see, getting all of your documents in order is of utmost appoint importance no matter what stage of life you are in. If you haven’t done so already, find an attorney that can help you construct your will and trust, making sure all the above documents are in one place so they can be easily accessed. Now is the time to act and get your legal ducks in a row so you can leave a legacy of responsibility that you can be proud of.