The 5 Legal Documents Every Parent Must Have

 

               As a parent, you want to make sure that your child is well cared for, even after you are no longer here.  That's why it is so important for you to have 5 important documents in place for the protection and well-being of your family. As parents ourselves, we know how difficult it can be to make sure you’ve thought of all the little details, so we offer these guidelines to make it as easy for you as possible.

 

 (1)  Kids Protection Plan - Names long term guardians (the people who will raise, love and care for your kids until they are adults) and short term guardians (also known as First Responders, the friends and neighbors close to your home who can stay with your kids until your long term guardians arrive) for your kids.  Make sure you carry a Family Emergency ID Card in your purse or wallet that lists the names and telephone numbers of your First Responders.  Whether you have $5 or $50 million, a Kids Protection Plan is critical if you have kids at home under the age of 18.  Click here - to set up your own Kids Protection Plan for free.
 
(2)  Will - Names long term guardians and details how and to whom you want your money and property distributed.  All wills must be filed and approved by the Probate Court and become public documents.
 
(3)  Living Trust - If you own a house or have more than $25,000 in the bank or investments, life insurance or retirement accounts, you want to have a living trust in addition to your will.  A living trust keeps all of your assets private and makes it as easy as possible for your family to manage things after you're gone.  You can also set up your living trust to minimize state and federal estate taxes, and protect your kids' inheritance from being lost to divorce, creditors and lawsuits.
 
(4)  Health Care Proxy - Name the people (Agents) you want to make health care decisions for you if you become incapacitated and cannot make decisions for yourself.  Make sure that your Health Care Proxy has language that authorizes your agents to obtain full access to your medical records.

 

(5) Durable Power of Attorney - Name the people (Agents) you want to make legal and financial decisions for you if you become incapacitated and cannot make decisions for yourself.  

 

               If you have kids over the age of 18, it is important to know that you no longer have the right to make health care, legal or financial decisions for them.  Therefore, it is critical for each of your adult children to have Health Care Proxies and Durable Powers of Attorney in place.

The information on this site is intended solely for your information.

It does not constitute legal advice, and it should not be relied on without a

discussion of your specific situation with an attorney.

 

Serving the Middlesex County and Worcester County towns of Acton, Ayer, Bolton, Boxboro, Carlisle, Concord, Chelmsford, Framingham, Groton, Harvard, Hudson, Lincoln, Littleton, Maynard, Natick, Stow, Sudbury, Wayland, Westford, 01720, 01719, 01460, 01775, 01776, 01778, 01434, 01742, 01749, 01754, 01886, 01824, 01760, and 01701.

 

Copyright © 2011 Feakes Associates.  All rights reserved.

 

Feakes Associates

Trusts | Estates | Families

 

978.263.6900