5 Important Documents You Need If You Have Minor Children: Video transcript
So, the five documents every parent should have, especially when they have young kids, is:
- If you have young kids, a Kids Protection Plan. A Kids Protection Plan is the set of documents that governs who’s going to take care of your kids if something happens to you.
- You want a Will. A Will not only names long-term guardians formerly if you die, and you have minor children, but it can also be used to leave instructions for the disposition of your assets.
- You want to make sure you have a Trust in place if you have any kinds of substantial assets, if you’ve got life insurance proceeds, if you own a house, if you’ve got retirement accounts, and especially if you have young kids. Because it makes things as easy as possible for your family, keeps everything private. But it’s also a way to leave instructions for the disposition of your assets.
- You want to have a Health Care Proxy in place. That’s the legal document that says who will make health care decisions for you if you can’t make those decisions for yourself.
- You want to have a HIPAA Waiver in place. HIPAA Waiver is authorization for the people who will make health care decisions for you so that they can have access to your medical information.
