Having a family means having a lot of responsibility. If you’re a parent, you know just how difficult it can be to raise kids – but it’s also important that you don’t shed the responsibilities of taking care of them in every legal sense, as well. That’s why it’s important to know the legal forms that can potentially have the greatest impact on your family – and to know what these legal forms entail.
So let’s introduce you to a number of these legal forms and give you a broad-based view of what they contain. If you feel your family is not legally protected as well as it could be, it’s time to get researching. And you can start right now.
Last Will and Testament – The last will and testament, or the will, is one of the most important things you’ll want to use as a parent raising a family because it has such an impact on the lives of your children should you ever pass on prematurely. Providing for their care after you’re dead is very important no matter how well you care for them while you’re alive. You can’t afford to ignore issues like providing for your children’s future financial well-being or even their future care. Establishing the people you want to be guardians for your children is also a crucial step of this process, and one that you won’t want to ignore.
Real Estate Purchases – Sure, it might seem hokey to talk about money, but remember that for most Americans, their investments are tied up in real estate – or at least a good chunk of their investments. That’s why effective real estate purchases that are made on solid legal grounding should be a priority. You won’t have anything to pass on to your kids if you’re not good at managing your own purchases, and because real estate purchases include some of the biggest investments you’ll ever make, they’ll be crucial in maintaining assets to pass on to your loved ones. And that’s not even mentioning the impact your house will have on the raising of your children.
Trusts and Living Trusts – The forms establishing the creation of a trust or living trust can be crucial, especially if you need to provide for the financial care for a special needs child. This is a common practice for special needs children; a trust is often left behind that will give this person money for their care that will hopefully last them the rest of their lives. It’s important not to ignore the power of trusts if you want to leave behind a sound financial legacy to your family.
Living Will – The living will might sound like the “will,” but it has a large degree of difference. It deals with what you want to happen to you should you become medically incapacitated. It establishes how you want your care to take place, and lets people know who will be responsible for your medical decisions should you become incapacitated.