4 Legal Documents You Should Know About

There are a variety of legal documents that currently exist, some of which are easy to identify. However, the mention of most of these documents may come as a surprise to many. It’s important for all citizens to comply with all legal expectation required by the government.

Legal documents serve the imperative role of protecting your loved ones, personal property, assets and most importantly, the legacy you leave behind.

Here are 4 legal documents you should know about:

  • A will

The will is a crucial legal document that every individual needs to create. It lists all your assets and stipulates who gets each of your personal property. It’s best to create your will using the appropriate legal channels. Therefore, consult your attorney prior to commencing. Having a well-written will helps to secure the future of your kids and also allows you to distribute your property as you wish. If you own a prime estate, you should indicate who administers it after you’re gone (the executor). This ensures that the estate is handled by a responsible individual.

  • Social security card

The U.S. government requires all American citizens to have a social security card. Some scenarios in which you might need this card including applying for a job, opening a bank account and utilizing a credit card. You will certainly require to fill Form ss-5 when applying for your unique social security card. When filling this form, it’s important to consider your circumstances – some fill it because their social security card was stolen/lost while others fill it because they were recently married. But whichever the case, you must provide some key information when filling form ss-5. This includes your citizenship status, name and date of birth.

  • Medical Directive

This popular legal document is also called a living will. It explains the sort of care you desire to receive should you fall ill or become incapacitated. It can either be specific or wide-ranging, depending on your own preferences. Living wills normally define medical issues such as life-sustaining treatments. This document is extremely important because it dictates how health professionals should proceed should you fall terribly and lack the ability to communicate. You might be currently healthy, but our bodies degenerate as we age. We are also prone to accidents and unfavorable incidents that may leave us in terrible states. That’s why it’s crucial to have a succinct medical directive.

  • Revocable living trust

Wealth comes with its distinct set of complications. In a few cases, children forcibly take over the property and estates of their parents, much to the chagrin of the latter. A revocable living trust is a critical legal document that helps prevent such scenarios from happening. It secures your parents’ control and management of their estates, allowing them to transfer assets to beneficiaries as they deem fit. Simply put, parents become the executors of those property, estates and assets that they own. This revocable living trust effectively circumvents estate probates when their owners pass away.

These 4 legal documents will certainly come in handy at one point or another, so act hastily to avoid ruffling the feathers of law enforcers.

Wealth Creation and Saving Strategies | OnMoneyMaking