Mt. Juliet and Lebanon TN
If you are an expectant parent or grandparent, the last thing you want to think about is what will happen to your loved ones when you die or if you are unable to make decisions regarding your child. Although no one wants to imagine this type of scenario, it is life, and you should take steps now to ensure your affairs are in order.
Here are some legal to-do’s that should be on your priority list.
Select a Guardian and Assign Power of Attorney
The guardian that you choose is whom you wish to care for your child (or children) in the event that both parents pass away. Selecting a power of attorney means you can appoint someone else to make financial, educational, legal, and other important decisions regarding your child until they reach age 18. Without this important document, the County will decide who is most fit to care for your child, which may not be whom you have in mind.
Authorize Childcare or Medical Treatment
A childcare authorization is similar to a power of attorney in that you are granting another person limited ability to make decisions regarding childcare for your children. For example, you may wish to authorize a babysitter to pick up your child from daycare or to make changes to his or her schedule.
A Consent for Medical Treatment of a Minor means you can choose someone to seek emergency medical treatment if you are unable to do so.
Purchase Life Insurance
Many people do not consider purchasing a life insurance policy until they have children, which is certainly a good time to do so. Life insurance helps your family to maintain a standard of living without your income. When deciding how much life insurance coverage you need, consider funeral expenses, debts, college savings, and every day living expenses. You will want to make sure that your family can carry on without you, financially. A great benefit of life insurance is that the beneficiary does not have to pay taxes on the money when they receive it.
Get a Will
Be sure to get a will, which declares what will happen to your assets when you die. In other words, “who gets what.” In these estate-planning documents, you can also include a Last Will and Testament, which is another way to designate a guardian for your child. Some families should consider a Living Trust, which specifically designates who receives your assets upon your death.
Maintain Good Records
It is a good idea to keep important documents such as social security cards, insurance paperwork, medical records, birth certificates and your estate-planning documents well organized and up to date. In the event of your death, your loved ones will be able to access your documents easily.
Yancy Belcher, attorney at law, serves the Mt. Juliet, Hermitage, and Lebanon, Tennessee areas. Call (615) 773-2889 today to schedule a consultation.