No matter what your age or financial situation, you need to have three key legal documents in place to ensure your future peace of mind. First is a Power of Attorney for financial and a Power of Attorney for healthcare. Even if you’re single or newlywed, you want someone you trust to make your decisions should you become incapable of doing so.
If you have minor children, you also need to have a guardianship in place. Suppose you and your spouse go out to dinner one night and get in tragic car accident. Who is going to take care of the kids? If you don’t have that contingency plan already spelled out, then it goes into a court situation and your children could end up in the foster care system.
Long-term care insurance is another important piece of the puzzle. Should something happen that requires you to need long-term care, the LTC insurance will act as a hedge around your assets so you don’t have to pay out of pocket for the associated expenses. Even more important, it helps to keep your quality of life the same so you can live at home with in-home care and not have to go to a nursing home.
These are just a few of the documents everyone needs to protect their future. Work with someone to create yours today.