Broker Check
39 - Planning Controllables Part 11 - Create and Execute Legal Documents

39 - Planning Controllables Part 11 - Create and Execute Legal Documents

March 31, 2023

Ideal For: Everyone.

Demystifying The Strategy: This process involves preparing and signing important legal documents like Powers of Attorney (“POAs”) for financial and healthcare decisions, wills, trusts, living wills, Do Not Resuscitate (“DNR”) orders, and HIPAA releases for medical information.

Who Stands To Gain? Anyone who wants to ensure their wishes and decisions are honored, especially during unexpected life events.

Why This Matters: Properly executed legal documents ensure your preferences are followed, even when you're unable to communicate them yourself. For instance, having a HIPAA release can be crucial for parents of out-of-state college students, granting the ability to receive their child's medical information in case of a hospital visit.

Your Next Steps:

  1. Consult an Attorney: Engage with a lawyer licensed in your state to create or update your legal documents.

  2. Re-Title Assets: If you establish a trust, make sure to re-title all relevant property, accounts, or insurance policies to the trust. This is a crucial step for the trust to be effective.

  3. Review Regularly: Legal documents should be reviewed and updated regularly, especially after significant life events, like marriage, divorce, birth of a child, or a major change in financial status.

Remember, it's not only about creating these documents, it's also about ensuring they're updated and in line with your evolving life circumstances.