legal essentials for couples and parents

7/28/2019 Legal Essentials for Couples and Parents

1/15

Legal Essentials for

Couples and Parents

How to Care for Your Spouse and Your Children


2/15LegaL essentiaLs for Parents

table of contents

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Wi & e Pi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p 4

l Wi & tm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p 5

Pwr ar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p 7

ad Hhr Diri . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p 9

tr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p 11

ci . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . p 15



about

Rocket laWyeR

At Rocket Lawyer, were

making legal work easier

and more convenient or

everyone.

We know the law iscomplex and mistakes can

be costly. We also know

theres no replacement or

a good lawyer. Thats why

weve developed easy-to-

use technology to help you

do more on your own, and

backed it up with a network

o Rocket Lawyer On Call

attorneys who are ready to

help when you need it.

Since 2008, weve used

this approach to help over

20 million amilies and

small businesses create

legal agreements, plan or

the uture, and eel more

condent.

Visit www.rocketlawyer.com

Rocket Lawyer eGuide Disclaimer

This eGuide is oered or inormational and educational purposes only and should not be

construed as legal advice. The law diers in each legal jurisdiction and may be interpreted or

applied dierently based on your specifc actual situation. Use o the inormation in this

eGuide is not a substitute or the advice o licensed legal counsel in your state and you should

not act or rely on any inormation contained in this eGuide without frst seeking advice rom

your own attorney.

You want to do everything you can to protect your children and plan or

a bright uturewhether its saving up or a house or unding a college

education. Yet in the early stages o your planning, you should also gure

out what will happen i things dont go as you expect. To protect your

amily, its never too soon to start planning or your loved ones i you cant

be there to take care o them.

In a nutshell, this is estate planning. And no matter your net worth or

age, a little orethought, organization and some simple legal documents

can help your amily avoid unnecessary legal expenses and hassles i

something unortunate were to happen to you.

In this guide, well walk you through the entire estate-planning process

rom the undamentals o making a Last Will and a Power o Attorney, to

more detailed things like Advance Healthcare Directives and Trusts. Our

goal is to help you come up with a plan and make your wishes known so

that you can get back to enjoying the special people in your lie.

Well also cover some other smart legal steps every amily should take to

protect their children and create stronger relationships.

legal essentIals foR couPles anD PaRents

How to Care or YourSpouse & Your Children
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For many people, a Last Will and Testament is something to put together

at some point in the uturelike when you have enough money to justiythe eort, or when youre ocially old. A Will is actually just one pieceo an estate plan you should create to support and protect your amily.Its just as important as a savings account, IRA or lie insurance policy.

The way the law works, when you pass away without a Will and estateplan in place, the courts are required to make important decisionsabout your property and your amily, including who takes care oyour children and who owns your house. While the courts will try todo right by you and your amily, they wont know your wishes unlessyouve put them in writing. Plus, an estate without a Will or detailed plancan mean unnecessary legal expenses, court ees and red tape or those

you leave behind.

An estate plan also means that youll get to spell out your wishes aroundmedical treatments and end-o-lie care. It puts you in control, and makesit easier or your amily to make tough decisions on your behal.

gettIng staRteD

In this section well walk you through the basics o estate planning andhow to plan or any possible bumps in the road ahead. Your estate planmay include a:

Last Will and Testament

Power o Attorney

Advance Healthcare Directive

Trust

Heres how these documents work together to cover you in any situation.

Wills &Estate Planning

estate PlannIng

can HelP you:

Take charge o exactly o

where your assets go ater

your death, whether thats

to your children, spouse,

relatives, a avorite charityor all o those combined

Decide who will care or

your children ater your

death or i you become

incapacitated

Make arrangements or

what happens to you i

you become incapacitated

Appoint people to make

decisions on your behali youre unable to

Explain how youd like

difcult healthcare

decisions to be handled

on your behal
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Put plainly, a Last Will is a legal document that species who gets yourproperty ater your death. In larger terms, its a cornerstone o any estateplan and works or individuals at any amily planning stage.

WHat youll neeD to DecIDe

A Will can be as unique as the person who makes it. But there aresome things common to all Wills. Lets start by going over a ew o theundamentals about your current situation, nances and amily.

Step 1: Property

To begin, its wise to take stock o the money, homes, land and things youcurrently have or might have down the road. Try to be as thorough aspossible here to make sure nothing slips through the cracks. For example,i you have stocks, mutual unds, retirement plans or even digital assets

like MP3s, make a note o these. This list will come in especially handywhen youre divvying up dierent assets among several people.

Step 2: Benefciaries

Next youll want to choose and designate the beneciaries o yourestate. Typically your beneciaries are your spouse, children, relatives,close riends or the organizations you want to receive all or some o yourstu. For planning purposes, its common practice (and sometimes thelaw, depending on where you live) to designate your spouse asa beneciary.

Step 3: Executor

Once youve lined up your beneciaries and who receives what, youllneed to designate a person to make sure everything gets done accordingto plan. Known as your executor, this person is basically your Willsrepresentative. Its probably a more dicult decision than choosing yourbeneciaries, because youll want to choose an executor who is organized,good with numbers and ideally someone who is amiliar with your amilyand nances. Your executor will:

Gather your assets

Pay your bills and outstanding debt Distribute your remaining assets

File any ocial paperwork

Some states have certain requirements about your executor. For exampleyou might not be able to designate someone out o state. Also, i youreconcerned about checks and balances, you can always appoint twoexecutors to make sure everything gets carried out according to plan.Either way, be sure to appoint a backup executor in case your rst choiceis unable to serve. To get more inormation on the rules where you live,

Will

WHat It Does

A Will communicates to

your amily and to the

courts your exact wishes

concerning your property

and custody o your

children ater your death.

A Will allows you to

Decide who gets

your property

Speciy how your

property is divided

among your heirs

Designate a guardian

or your children

State your wishes

or uneral services

and nal expensesFor young amilies without

a lot o assets, a simple

Will oten does the trick.

I your estate is particularly

extensive or complicated,

you have a complicated

amily, or an heir with

special needs, you might

want to consider some

legal assistance to get

everything sorted out

properly. Otherwise, you

can get started now with

our Simple Will document.
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check with your county clerk o probate court or anestate planning attorney.

Step 4: Guardians

In what might be the toughestand quite possibly themost importantpart o your estate plan, youll needto choose who will care or your minor children i youand your spouse pass away. Think it through careully,

considering not only who would take the best care oyour kids but also about where they would be mostcomortable. I you are leaning toward your parents oryour spouses parents as guardians, consider their ageand abilities, and provide a backup guardian in casetheyre unable to serve as primary caregivers.

HoW to Make It legal

Once youve gathered all the details, made yourdecisions and claried your wishes, take the necessarysteps to make your Will a legally sound document.By nalizing your document the right way, youll helpensure that it works as you intended and makes theprocess as easy as possible or your loved ones. Iyouve already completed the Last Will and Testamentdocument, print your document and ollow these next

steps to make it legal.

Step 1: Signing & Witnessing

When your Will is exactly how you want it, its timeto sign and date it in ront o one or more witnesses(some states require two, so check with your countyclerk or an estate planning lawyer or specics).Depending on local laws, you may also need tosign your Will beore a notary public, who can thennotarize the document.

Wills created with Rocket Lawyer include state-specicnext steps to make it easy to know the requirements.

Step 2: Make Copies & Store It

You want your Will to be easily accessible to yourspouse and children should you die unexpectedly.Make a ew copies o your Will or close amilymembers, or others you trust. Its handy to share your

document electronically (like through Rocket Lawyer)so key people have a copy in an easy-to-nd location,but keep in mind that most states require the originalpaper copy to be presented during the probate processTo be on the sae side, keep the original somewheresae (like a sae deposit box or with your attorney).

Step 3: Making Changes

Writing a Will early in your amily planning stagesis a smart move, but it also means that lies bigchangesincluding having more children andacquiring more assetscould require you tochange your Will down the road. A Codicil documentallows you to change one or more provisions in yourWill without having to redo the original document.(You can access a ree Codicil to Will orm here.)

You can also change your Will by creating a completelynew one and ollowing all the steps to sign andexecute it.

Your Will is just one component o your estate plan,

but its an important one. Setting aside the time tocrat an airtight Will ensures that whats yours is easilytranserred to your amily should anything happento you.
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What happens i you become incapacitated and youre unable to make

major decisions or your spouse, children or household? This is where

Power o Attorney, another estate planning cornerstone, can help.

Like a Will, a Power o Attorney can save your amily legal expenses,court ees and other hassles. In most states, i you become incapacitated

without a designated Power o Attorney, the courts are required to step

in and make these decisions or you, a process that can be both lengthy

and costly. When youre ready to begin this important document, you can

nd a Power o Attorney orm here.


Who your Power o Attorney agents are, and what they can and cant

make decisions about, is largely up to you. With that in mind, here are

a ew things to think about as you acilitate this part o your estate plan.

Step 1: Agent

The rst stepand or many the most importantis choosing your agent

or Power o Attorney. This is the individual (or individuals, as you may

decide) whom you elect to make major decisions on your behal when and

i youre unable. Just like your choice or the executor o your Will, youll

want to choose someone who can handle the responsibility. Above all,

youll want to think about:

Choosing someone you trust with your nances and amily.

You might want to settle on someone who handles their ownaairs pretty well.

Whether or not the individual will charge a ee or services,

such as i the individual is an attorney as opposed to a amily member.

Whether or not the individual agrees to be your agent in such

circumstances.

Quick aside: Its a good idea to appoint a backup Power o Attorney

agent in case the rst one passes away or decides not to assume the

powers or some reason when the time arises.

Step 2: PowersYour agents powers can be broad or specic, depending on what you

decide. For example, you might designate your agent to handle only

medical issues i you become incapacitated; or you might grant one

agent the ability to make nancial decisions and another the ability tomake household decisions. Its really your choice. But to make it easier

to manage, the law species several categories o Power o Attorney

well go into detail below.

General Power o Attorney: This document grants broad powers to

Power o Attorney

WHat It Does

A Power o Attorney

document allows you

to designate a specic

person (or agent) to handle

your nances and make

decisions i youre unable

to. Whether you experiencehealth issues, are injured,

are out o the country or

otherwise unavailable, there

are several types o Power

o Attorney that can work

or you. Well explain in a

little more detail below, but

in general your designated

agent can:

Write & sign checks

Make household decisions

Sign legal documents

Make healthcare decisions

Run your business

Call the shots on whatever

you designate
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your agent, allowing them to make key decisions aboutyour nances, health, business or any other matter thatwould need your permission.

Special Power o Attorney: This option allows you togrant specic powers to specic agents. For example,you could allow your spouse to make medical decisionson your behal, your business partner to sign-o or

you on business matters, your nancial advisor tomake the call on your money and assets, and so on.Special Power o Attorney gives you the fexibility totap into the decision-making skills o dierent agents.Also, i you dont want to grant too much power to oneindividual, this option might give you a little peace omind in your estate planning.

Durable Power o Attorney: A status that canbe applied to both General and Special Power oAttorney, Durable Power o Attorneyalso calledEnduring Power o Attorneyis the legal term thatmakes the Power o Attorney powers active even iyou become incapacitated. In contrast, a non-durablePower o Attorney is no longer valid i you becomeincapacitated. A Durable Power o Attorney is otenadopted by people who wish other amily members tomake ongoing decisions on their behal, or example iyour brother, sister or adult child is a doctor, nancialadvisor or has some other decision-making abilitiesyou trust.

Springing Power o Attorney: I youre in the

military or your career requires you to travel longdistances unexpectedly, a Springing Power o Attorneycan also be useul. This is a type o Durable POA thatgoes into eect automatically in certain situations,such as when you are deployed overseas or militaryservice. Springing Power o Attorney grants your agentpowers only when these specic situations occur.

Step 3: Execution

The Power o Attorney type you select above will otenstipulate when these powers (general or specic) gointo eect. For example, i youre in the military or lawenorcement, your Springing POA grants your spousedecision-making powers when you get called overseasor service. Or your Durable POA could allow yourdaughter, a CPA, the power to manage and invest yourmoney or you. That power would exist as soon as yousigned the POA, and it would continue even i youbecome incapacitated.

Each state has a process or how an individual is

declared mentally incompetent. In your Power oAttorney, you may also spell out your wishes or how adecision on mental incompetence would be made, suchas with a written certication rom the doctor you havea relationship with. I you do not spell out your wishesclearly in your Power o Attorney document, you couldlose precious time while a legal determination is madeby the courts. I you need a little assistance with how

this is all spelled out in your Power o Attorney, speakwith an attorney who specializes in estate matters.

I this eels like a lot o inormation to process, ourcustomizable Power o Attorney explains all thechoices you have to make as you create your documentCreating your POA really is a simple process.

Rocket Lawyer was just so easy to use and ecient.We had created a Will beore on another site, but wewerent sure i it was state-specifc enough, so we didntget it notarized. Rocket Lawyers step-by-step processput us at ease, and elt like a site we could trust.

Michelle H.Rocket Lawyer On Call Customer
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Ater youve established Power o Attorney privileges, its a smart next

step to create a plan in case youre in need o lie-sustaining treatmentor end-o-lie care and you cant make decisions or yoursel. We can walkyou through how to prepare or such a situation to minimize suering andexpenses or your loved ones.


Its wise to make your Advance Healthcare Directive as specicas possible, taking into account not only aspects o medical careand treatments but also more detailed and personal inormationconcerning your goals or treatment and care. This is your opportunityto take control o these decisions so that your loved ones or a medical

proessional dont have to make the dicult decisions or you.

Step 1: Choose an Agent

As with Power o Attorney, youll want to choose an individual whoserves as your Living Wills representative should you have an accidentthat puts you on lie support. The dierence, however, is that thisagents duties will be to ensure that the directives in your Living Willare carried out, rather than making the decision or you like a Power oAttorney agent.

When selecting this agentsometimes called a health care proxy

or patient advocatebe sure to settle on someone who is:

Willing to serve in this capacity

Willing to separate their own eelings rom those spelled outin the Advance Healthcare Directive

Not alreadyor not expected to beproviding you with medical care

Step 2: The Directive

Here youll need to drat your eelings about medical treatment andcare should you become terminally ill and unable to communicate.

I you nd it dicult to think through this topic, you might considerconsulting your physician to get a better sense o how doctors andhospitals handle lie-support situations and dierent scenarios.Take note o the ollowing:

Treatments: How would you like to be treated i an accident or illnessmade you unable to communicate? Make it clear whether or not you wantparticular eorts made to sustain your lie.

Pain Management: Outline what types o medication or painmanagement youd like to receive.

Advance HealthcareDirective

WHat It Does

While a Will is a document

that expresses where

youd like your assets and

property to go ater you

pass away, an Advance

Healthcare Directive, also

known as a Living Will, isa separate document that

expresses your wishes

about lie support should

you become unable to

communicate or become

mentally incapacitated.

Common situations could

include comas, vegetative

states, or dementia

accompanying disorders

like Alzheimers disease.



Personal Grooming & Bathing: You might alsospeciy how youd like your grooming to be handledduring your incapacitation. I you wish to have certainpersonal eects nearby, you can also put that downin writing.

Spiritual & Emotional Support: You could wishto have certain loved ones or spiritual support in

attendance beore or ater being taken o lie support.

Autopsy & Organ Donation: An autopsy will notnormally be perormed unless the death is consideredsuspicious. However, i you wish to grant your healthcare agent the decision to request one, you can makethatin addition to organ donation requestscrystalclear in your Advance Healthcare Directive.

Funeral Plans: You may also speciy how youd likeyour remains to be handled.

HoW to Make It legal

Once youve put together your Advance HealthcareDirective, youll want to ollow steps similar to whatyou did to make your Will and Power o Attorneydocuments ocial.

Step 1: Sign & Notarize

I youve assembled your Advance Healthcare Directiveor Living Will using Rocket Lawyer, simply print outthe document and sign it in the presence o two ormore witnesses and a notary public. You do not needa lawyer or physician present or the signing, buti youre unsure about anything having to do withthe content or validity o your document, the saestroute is to check with an attorney.

Step 2: Copy & Distribute

Your Advance Directive wont be o much use i no onecan nd it in a time o need, so be sure to make severalcopies or share it electronically with your close amilymembers, physician, and local hospital i you wish. Inaddition, keep an original copy handy in your homesae, sae deposit box, or with your attorney.

Step 3: Ongoing Review

Its wise to examine your Advance Healthcare Directiveevery so oten to make sure everything is up to date.Several reasons or this include:

A change in your eelings about treatment and care

Updates in medical technology

Changes in healthcare laws

Moving to a new state

Changes in your ability to pay or medical care

Most/Post DocuMents

You might also consider meeting with your physicianto crat one-page directives that outline your wishes inend-o-lie situations. Called Medical Orders or Scopeo Treatment (MOST) or Physician Orders or Scopeo Treatment (POST) orms, these documents serveas attachments to your Living Will and are commonlyrecognized by doctors . Some states have dierentguidelines or MOST/POST directives, so be sure to

check with your doctor or hospital prior to lling oneout.

I youre ready to drat your Advance HealthcareDirective, you can access a Living Will orm here.

aDvance HealtHcaRe DIRectIve vs.HealtHcaRe PoWeR of attoRney

As you assemble your estate planning documents,you might wonder i an Advance Healthcare Directiveis relevant i you already have a Healthcare Power o

Attorney. Both documents allow you to select an agentto make healthcare decisions on your behal whenyoure unable, but the dierence lies in the act thatyour Advance Healthcare Directive is or impendingdeath-related issues only. To ensure youre coveredin all situations, its generally best to have bothdocuments.
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Theres a perception that Trusts are only or the wealthy. In act, Trustscan be a valuable tool or anyoneespecially amilies who want or needmore control over what happens to their assets.

WHo neeDs a tRust

A Trust gives you more control because you can detail how and whenyour property is distributed. This control allows you to take advantageo certain tax laws, dictate how money is distributed over a long periodo time, and have more privacy. Trusts are popular with wealthy amiliesor all o these reasons, but they can be smart or any amily that needsto control how assets are distributed.

For example, a amily with a special needs child can speciy how muchto spend on the childs care each month, and make rules about what typeso care the child will receive. Using a Trust makes sure someone with thechilds best interests in mind makes decisions on his or her behal, and italso helps the child qualiy or government aid by limiting their net worthIn contrast, a Will typically gives all assets over at once.

These are a ew o the situations where Trusts are especially helpul:

You have heirs with special needs, like physical or mental disabilities

You have minor children or children rom a previous marriage

You have assets to pass along that might be subject to gitor estate taxes

You want to have more control over how your property is distributed Youd like your heirs to avoid probate

Your estate is particularly large or complex

While Trusts give you more control over what happens with assets,they can be more expensive and complicated to create and maintain.Its best to check in with an attorney or an accountant i youre unsurewhats right or you.

WHos InvolveD

Grantor: The person who sets up the Trust. The grantor is the personwho assigns their assets to the Trust: typically you, or you and yourspouse.

Trustee: The person or entity who manages the Trust. During yourlietime, the trustee can be you. The trustee can also be any person youtrust, a lawyer, or a nancial institution. Once the Trust is established,the trustee manages the assets with the ultimate goal o distributingthe property to the beneciaries. The trustee has a duty to ollow therules you set when you create the Trust, and to act in the beneciariesbest interest.

Trusts

WHat It Is

A Trust is a separate

legal entitykind o like a

corporationthat you give

all your assets and property

to during your lietime. Your

assets continue to benet

you while youre alive (i.e.you can live in your house

and draw money rom your

bank accounts), but theyre

technically the property o

the Trust.

Like a Will, the Trust allows

you to speciy where your

assets will go ater your

death. But because the

Trust owns everything when

you die, there are no assets

that need to go through

probate court. Avoiding

probate means youll save

on expenses, your heirs

should receive property

sooner, and it wont be a

matter o public record.



You might want to consider consulting an attorneyor nancial advisor when it comes to deciding ona trustee. Depending on the terms o the Trust, thetrustee could need to serve or a long time, so somepreer to name a nancial institution. On the fip side,nancial institutions can be expensive and infexibleto work with, so many preer to name a lawyer or aresponsible amily member.

Benefciary: The individual(s) who eventually receivethe assets rom the Trust. During your lietime, yourethe beneciary. Ater you pass, the people youvenamed benet rom the Trust.

WHat youll neeD to Do

Step 1: Decide on a Type o Trust

There are two common types o Trusts which allowyour assets to bypass probate. The one you choose willdepend on the extent to which you want to maintaincontrol o your assets during your lietime, whetheror not youre willing to exchange control o your assetsor additional tax savings, and the desire to shelter theassets rom your creditors.

Youll select between:Revocable Trusts: When you create a Trust, youtechnically give up ownership o your assets. Thistype o Trust can be revoked at any time during thegrantors lietime, meaning you can regain ownership.Because o this fexibility, the assets do not receivespecial tax protection or sheltering rom creditorsduring the grantors lietime, or ater their death.

Irrevocable Trusts: When a grantor transers

their assets into this kind o Trust, its permanent,

and thereore, irrevocable. Because the assets are

no longer the grantors, theyre protected rom certain

taxes and creditors. The assets are not subject to

the grantors liabilities, because they are owned and

controlled by the Trust, not the grantor.

It is technically possible to appoint the grantor as the

trustee, but it means that the grantor still has controlo the assets, and that some o this liability protectionis lost. Appointing an independent trustee provides

the most protection or assets, because the grantor

gives up control.

While this type o Trust isnt or everyone, transerring

your assets into an irrevocable Trust doesnt mean

they wont continue to benet you. Remember that

trustees are under many legal obligations when

managing assets in a Trust, so while youre technically

giving up ownership, the trustee is legally responsibleor making decisions in the best interest o the Trusts

beneciarieswhich includes you!

Specialized Trusts: Once you decide whether you

want a revocable or irrevocable Trust, you may

want to customize it or amily certain situations

and needs. For example, Minor Childrens Trusts

allow or the management o assets or a period o

time until your children reach an age you speciy,

Lie Insurance Trusts help avoid estate taxes on lie

insurance benets, and Bypass Trusts help you get

around some estate taxes. To select the right

Trust or your needs, talk to an estate planning

attorney who can help you choose whats best or

your amily.

Step 2: Setting Up a Trust

It is possible to create a Trust on your own, but its

recommended to seek the advice o an experienced

attorney who specializes in estate planning to walk

you through what can sometimes be a complex

process. At this stage youll want to:

Gather or determine the assets to put in trust

Decide upon a trustee to manage the Trust

Choose beneciaries or the Trust

Determine ongoing costs and expenses

I you create a Trust on your own (Rocket Lawyer can

help), most states require them to be signed by you

and witnessed in the presence o a notary.
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Step 3: Asset Allocation

To make the Trust eective, youll need to move your

assets into the Trust. This is an important step, since

i you pass away without all o your assets in the

Trust, probate courts will have to decide how this

property is allocated and taxed prior to distribution.

You assign assets to the Trust by opening new bank

and investment accounts in using the name o theTrust, and changing the title o any property or

vehicles to the Trusts name.

PouR-oveR WIll

To make sure youve covered all the bases, a Pour-Over

Will assigns everything you havent explicitly added

to the Trust. It can also act as a catch-all so all o your

assets are included in your estate plan, even i they

arent placed in your Trust within your lietime.

Trusts also require some maintenance, which caninclude ling separate tax returns. Its a good idea

to talk to a lawyer to make sure you understand

all o the rights and responsibilities involved with

creating your Trust.

kIDs, Real estate & otHeR tIPs

Now that youve nailed down your estate-planning

cornerstones, youll want to take stock o the legalsteps you may want to take as you continue to build

your amily, assets and businesses. No matter what

types o agreements you make, its always wise to

keep good records and get all your legal agreements

in writing. A ew important ones to keep in your back

pocket are:

Child Care Authorizations: When putting your

child in daycare or hiring a nanny, youll want to

have paperwork in place that authorizes your childscaregiver to make the call on health or other majordecisions while youre at work or away. Both theChild Care Authorization orm and a Child CareContract are important when youre taking on a newnanny. Its also a good idea to complete a Child CareAuthorization orm i you plan to travel or an extendedperiod o time.

Insurance Policies: Make sure you have goodinsurance policies in place to protect your car, home,rental unit, pets and lie. Good coverage will help youto be ready or anything, and protects your amily, justin case. Note that the beneciary thats named in aninsurance policy will receive the proceeds, no matterwhat your Will says. Be sure to update beneciaries iyou ever change your estate plan. I you create a Trust,naming the Trust as a beneciary is a good way tomake sure your wishes are ollowed.

I you have any questions about what insurance youneed, or i you have enough, we have partners whooer ree consultations.

Small Business Records: I you have a smallbusiness, it makes good sense to keep your corporaterecords, insurance policies, liability and other legaldocuments separate rom amily records to avoid anyunnecessary hassles in the event something happenedto you.

Family Employees: Do you have a nanny or agardener? Did you have a written agreement in placethe last time a handyman came over? Creating ormalagreements is essential to avoid misunderstandingsand set clear expectations with people who do work oryou. From childcare to home improvement, make sureyou have the right contract in place.

Big Ticket Transactions: When buying and sellinghomes, automobiles or other big ticket items,be sure to save all documents having to do with thetransactions. We can provide you with a Bill o Sale

that legally transers ownership o these items whenyou buy and sell.

Loaning Money: Throughout your lie you mightchoose to borrow money rom a bank or amilymember; additionally, riends or amily might ask thesame avor o you. Detailed paperwork about the loanterms can save you and your amily a lot o hassledown the road. You can get a Loan Agreement herewhenever the need arises.
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Personal Legal Documents: Some major lie stagesrequire ocial documents like marriage certicates,deeds, birth certicates, passports and Social Securitycards. As you apply or certain programs andopportunities or your children, youll need to balancethe need to have these records somewhere you canaccess them easily, while protecting them rom beinglost or damaged. A home sae or a sae deposit box

are solid options.

stoRIng & uPDatIng DocuMents

A ew times weve mentioned how important it is orthese documents (which youve taken the time to puttogether careully) to be accessible to the people whoneed them in a pinchyour amily.

I you have a lawyer, you should be able to storeimportant documents with them. Sae deposit boxesare also ideal storage or your estate-planning orms

and other legal documents. Most banks have them,and they are a secure and convenient place tokeep everything.

Make sure a ew trusted riends or amily membersknow where to nd your estate planning documents.Consider telling the people you nominate as agents,trustees, and/or executorsit will make it easier orthem to jump into action i anything ever happensto you.

Additionally, when you go through major lie changeslike deaths, births, marriages, divorces, inheritances,or start new business ventures, you might wantto revisit your Will, Power o Attorney, AdvanceHealthcare Directive and Trust in case some o thedetails need updating. A good rule o thumb is torevisit and review these documents every ew years toensure that everything is current and compliant withthe law.

WHen to talk to an exPeRt

We hope this guide has provided you with enoughdirection or you to take charge o your estateplanning, but you might hit a bump or two in theprocess where youll want a little proessional help. Forexample, i youre dealing with large sums o money,you have a child or beneciary with special needs,or you have children rom a previous marriage youdlike provided or separately, a lawyer can help you cutthrough the og to provide the customized guidanceyou need.

As a rule o thumb, i you are unsure about something,taking the time to talk to a lawyer is a good idea. It cansave a lot o trouble in the long run.

Family and estate planning attorneys are specialists,and can handle your entire estate plan, or be broughtin on a situation-by-situation basis. Youll also likelyto need a little legal assistance i youre the executor

o a Will that goes to probate.Accountants can also help with estate planning,especially when tax laws have an impact on yourestate and i you want to minimize inheritance taxesor your heirs.

I youre in need o personalized guidance or yourestate planning, we can help you nd a lawyer toanswer simple questions or do more detailed work.
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Your amily means so much. In the same way that you work hard toprovide or your children and household, youll want to devote a littleelbow grease to your estate planning. Setting up these simple saeguardswill ensure that you and your loved ones are taken care o accordingto your wishes, and with a minimum o hassle and expense.

We can help you create a custom estate plan or your needs. Visit theRocket Lawyer Estate Planning Center or more o the guidance youneed to protect your amily.

As you go along,

youll probably

have more

questions about

specic state and

local laws too.

Rocket Lawyer

has a network

o attorneys who

can help you

with these estate

planning related

legal questions.

Visit www.rocketlawyer.com

Conclusion

Rocket Lawyer eGuide Disclaimer

This eGuide is oered or inormational and educational purposes only and should not be

construed as legal advice. The law diers in each legal jurisdiction and may be interpreted

or applied dierently based on your specifc actual situation. Use o the inormation in this

eGuide is not a substitute or the advice o licensed legal counsel in your state and you should

not act or rely on any inormation contained in this eGuide without frst seeking advice rom

your own attorney.

Using Rocket Lawyer has been a abulous experience. A real person guidedme through the process o using a Codicil to update my Will, and took awayany concerns I had. They gave me the extra help I needed to give me truepeace o mind, and I have recommended them to everyone I know.

Valerie A.

Rocket Lawyer On Cal l Customer
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