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Do You Need Family Legal Documents?


If you answer YES to at least two of the following questions please scroll down to the next section:

  • Are you married or in a long term relationship?
  • Do you have a child under the age of 18?
  • Do you have a life insurance policy for the benefit of your spouse and/or your children?
  • Do you want to prevent your child from inheriting your life insurance proceeds at age 18 if both you and your spouse passed away?
  • Do you own a home or plan on purchasing one in the near future?

If you can answer NO to at least one of the following questions please scroll down to the next section:

  • Have you executed a Last Will and Testament naming the person who would raise your children if you and your spouse both passed away?
  • Have you executed a Heath Care Power of Attorney naming the person who would make medical decisions for you if you could not make them for yourself?
  • Have you executed a General Financial Power of Attorney naming the person who would make financial decisions for you if you could not make them for yourself?
  • Have you executed a Living Will stating what should happen if you are in an irreversible coma?

25-45 Family Legal Documents

The Living Revocable Trust

 The Living Revocable Trust has 3 main protections for the family of a 25-45-year-old that passes away.

  1. A properly executed and funded Revocable Living Trust keeps your assets out of probate.  The probate process can be extremely time consuming and expensive for your family.  If all your assets are in the name of your trust, your family will have immediate access to them in the event of your untimely passing.
  2. Your trust will prevent your minor children from inheriting your assets and life insurance proceeds at age 18.  Ask yourself this question, “what does an 18-year-old do with $500,000?”  They spend it, right? In the trust document, you name a Trustee to manage the assets and money in your trust and to purchase anything your children might need as they grow up.  The money can be used for their Health, Maintenance, Education and Support, but you decide how much and at what age they can access the principle of the trust fund.  Many of my clients choose to make only 25% of the principle of the trust fund available to their children at age 25, then another 25% ages 30, 35 and 40 respectively.  
  3. A properly drafted and executed Living Revocable Trust will include provisions that will not allow your children to access the money in the trust if they are addicted to drugs, alcohol or gambling, or will otherwise frivolously spend the money.  The last thing you want is for a disbursement from a trust to fuel the addiction that your child is dealing with.  The money is kept in the trust until your child is well enough to handle that kind of money.

If you would like to set up a free telephone conference to further discuss how a Living Revocable Trust can help protect your family, please click here.

Or call us at (602) 840-4101
 

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The Basic Legal Documents

 The Last Will and Testament

  • When executed with a Living Revocable Trust your Last Will and Testament a pour over will.  This means that if you accidentally leave an asset outside of the trust, the asset must go through probate but it will pour over into your trust.  
  • In your Last Will, you nominate the people who will be the guardians of your minor children in the event of your death.
  • If you do not execute a trust, your Last Will states who receives your assets.

The Medical Power of Attorney

  • In this document, you decide who will make medical decisions for you when you can’t.  For instance, if you are in a car accident and are not able to communicate with your doctors, and the doctors could perform a high risk-high reward surgery or a low risk-low reward surgery, someone has to make that decision for you.  Your medical power of attorney would do just that.

The General Financial Power of Attorney

  • In this document, you decide who will make financial decisions for you when you can’t.  For instance, if you are in a car accident and are unable to communicate, your financial power of attorney step into your shoes and make any financial decisions that must be made while you recover.

The Living Will

  • In this document, you will decide what you want done if you are in an irreversible coma or a persistent vegetative state.  

If you would like to set up a free telephone conference to further discuss how the Basic Legal Documents can help protect your family, please click here.

Or call us at (602) 840-4101