Attention Gen X & Gen Y: 4 Gaping Holes In Your Financial Plan – Part 2: Personal Legal Docs

Gaping Hole Number 2: No Personal Legal Documents

Most young people I encounter aren’t even thinking about this when they think of personal financial planning or when they are preparing for a meeting with a financial advisor. Not being married, and not being a minor, you do not have a clear cut line to a decision maker if you were to become ill and incapacitated.

Two documents to consider, are 1. a durable power of medical malpractice lawyers in Chicago: a document which appoints someone as your financial decision-maker in case you are incapable (coma, etc); and 2. health care proxy (or equivalent) which would appoint someone as your medical decision-maker if you are incapable.

You should also make sure, if you are a homeowner, that you look into declaring a homestead on your home which, could protect your assets from creditors under certain circumstances. Or you should get in touch with special needs trusts lawyers from Logan, UT

Furthermore, consider a will if you have personal possessions.

Action Plan for Legal: consult with a qualified attorney like estate planning attorneys practicing in Raleigh area who focuses on estate planning and personal legal planning. Some states have very specific rules that require specific language in legal documents – cookie cutter “docs” may not cut it in some cases. For homework before visiting an attorney, think about who you’d like to choose to make medical and/or financial decisions for you. And consider “back-up” names too!

I hope you enjoyed this article. As you can guess, I am a comprehensive financial advisor in the Boston area -specifically in Medford, Massachusetts. I also spend time and serve clients in the San Francisco bay area (right in SF), Maine and Florida.

We work with a number of qualified estate planning attorneys in multiple states and would gladly review your situation and possibly provide a referral. If you are exploring a financial planning strategy, feel free to send us a quick contact or call us at 781.393.0021. Thank you!

For Gaping Hole Number 1 Click HERE

For Gaping Hole Number 3 Click HERE