Being prepared financially and legally for the worst. Our family is the single most important thing in our lives. We have to safeguard them even in the event of our death or incapacity. There are a few things that I always recommend people to do. DO NOT PROCRASTINATE. First, make sure all your bank accounts have your spouses and your children as beneficiaries. If your children are minors think of someone other than your spouse someone you trust to have access to the account so that they may use it for the benefit of your children in the event you and your spouse are in a fatal crash for example. Second, get life insurance. Term life Insurance policies are pretty cheap and provide good coverage generally. Name your spouse and children as beneficiaries. Also get short term and long term dusabiliry. Social Security Disability is NOT garanteed and it may take months and up to a year to go through appeals processes. Third, have a durable power of attorney done so that either your spouse or some other relative may act legally on your behalf in the event of your incapacity where you cannot make decisions in regards to finances or other legal matters. Fourth, I recommend owning property jointly with your spouses, especially when it comes to motor vehicles. Why? Because a registration or a title cannot be changed through DMV without probating a will of a deceased person or without a Final Judgment of Administration of an Estate in cases where there is no will and sometimes it might take some time to do. Why? Because it requires court action. Fifth, you and your spouse should talk about who you would want to act as a guardian for your children in the event of your death. Sixth, get a will done. Seventh, create a living will to determine what type of life sustaining procedures you want and under what conditions and designate a health care proxy so that person can make health decisions when you personally cannot make them and sign a HIPPAA authorization for any person you want to have access to medical records and the ability to talk to health and medical personnel. Eighth, consider creatibg a trust. Why? Because a trust does not have to go through the Courts to do what is supposed to do unlike a will. Ninth, make sure you and your spouse have a list of all accounts, passwords, phone numbers and all vital information for the most simple of things such as online banking, online bill pay features, utility accounts, home and car insurance, combinations, copies of vital documents such as car titles, life insurance policies, etc. Final thing, TRY TO MAINTAIN A SAVINGS ACCOUNT. CALCULATE HOW MUCH YOUR FAMILY NEEDS AND HAVE ABOUT 4 TO 6 MONTHS OF SAVINGS. REMEMBER EVEN IF YOU HAVE LIFE INSURANCE HAVING SAVINGS FOR YOUR FAMILY WILL HELP IN THE EVENT OF A DELAY IN LIFE INSURANCE FUNDS. If you want to discuss any of these matters or need to have a will, living will or other document done, call Attorney Jonathan Torres.
Posted on: Mon, 26 Aug 2013 01:57:35 +0000
Trending Topics
Recently Viewed Topics
© 2015