On of the steps of my Working Moms Balancing System (TM) is "Build A Strong Financial Vision." I coach working mothers on the importance of organizing their financial lives to support their families, in the unfortunate event that they get sick or die.
On the CNBC program, "In the Money" family attorney, Alexis Martin Neely
discussed the five legal documents everyone needs, ESPECIALLY if you have children.
Those 5 Documents Are:
1. Guardianship documents for your children. You may need to have a short-term guardian to take care of your children in case you are hospitalized. You may also need a long-term guardian in the event you are permanently incapacitated or die. Martin suggests keeping the names of your children's
guardian(s) in your wallet in case of an accident. Get her FREE Kids Protection Kit
2. A Will: This document will dictate to whom you want your personal property and money to go to.
3. A Living Trust:. This document will indicate how you want your house, rental property and other assets to be distributed. A living trust is a way to avoid probate court.
4. A Durable Power of Attorney: This document gives another adult the legal authority to conduct your personal business (e.g.banking, paying bills) and/or to make decisions on your behalf in the event that you are unable to do so.
5. An Advance Healthcare Directive: In the event that you are unable to voice your wishes, this documents gives doctors and medical personnel instructions about the type(s) of medical treatment, procedures and lifesaving measures you want performed.
See Alexis Martin Neely's entire CNBC interview:
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