The four legal documents every household should have
These documents decide who acts for you and who receives what. Without them, a court or a default rule decides instead.
Will
Names who receives your property and who administers it, and names guardians for minor children. Without one, state law decides both.
Durable power of attorney
Lets someone you choose handle money and property if you cannot. Without it, your family may need a court-appointed conservator.
Healthcare directive and proxy
States your treatment preferences and names the person who speaks for you medically. Give copies to that person and your doctor, not just your lawyer.
Beneficiary designations
Retirement accounts and life insurance pass by designation, which overrides your will. Stale designations after a divorce or death are one of the most common and expensive mistakes.
- Review every account designation once a year
- Name a contingent beneficiary on each one
- Check employer accounts you no longer contribute to
Getting them done
An attorney is worth it for blended families, business interests, property in multiple states, or dependents with special needs. Otherwise a reputable online service plus correct witnessing and notarization covers most households.
Common questions
Do I need a will if I do not own much?
Yes, especially with minor children. The will is what names their guardian; property value is not the only reason to have one.
Does a will cover my retirement accounts?
No. Retirement accounts and life insurance pass to whoever is listed as beneficiary, regardless of what your will says.
See where your household stands
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