Personal Finance Blog, Your Guide to Financial Fitness
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Elle
Elle
A couple of months ago, my husband and I had the unfortunate experience of being in a car accident. The other driver wasn’t paying attention and rear ended us.
Gratefully, we weren’t hurt beyond some bumps, bruises, and a minor cut. To our dismay, though, our car was a total loss. We had to spend the rest of the month figuring out how to file the insurance claim and hunting for a replacement car.
I’m happy to report that we found a great car using the money from the insurance company.
Elle
Even though you’re young and healthy now, you shouldn’t ignore answering the question “Do I need a will?” or the importance of documents like trusts or Power of Attorney. These are legal documents that can protect you and your loved ones.
We’ve previously gone over the importance of things like how to prepare a will, but I’m going to use this post to explain the significance of having a well thought out and executed Power of Attorney.
It is a legal document that gives someone (the “principal”) the ability to designate and give a person (the “agent”) the authority to act on your behalf in legal, medical, and financial matters.
