In celebration of National Make-a-Will Month, Rachelle Carmel of wealth management firm Bison Wealth, is highlighting the importance of four essential legal documents every individual should have in place for financial security
- First is a will. Without one, state laws dictate how assets are distributed, potentially leaving loved ones without proper provisions.
- Second, a healthcare directive is crucial, comprising a living will and a healthcare power of attorney. These documents ensure that medical treatment preferences are honored and designate someone to make healthcare decisions if needed.
- Third, a durable power of attorney allows for the delegation of financial decision-making authority to another trusted individual, ensuring that financial affairs are managed seamlessly during the client’s lifetime.
- Fourth, establishing a trust, such as a revocable living trust, to bypass probate. This legal process can be time-consuming and expensive. However, a living trust allows for assets to be distributed according to your wishes without court intervention.
Make a Will Month is a good reminder to plan ahead to protect your assets and ensure financial prosperity.