Elle Elle helps families achieve financial freedom by sharing tips for reducing debt, increase income, and building net worth over at Couple Money. Learn how to live on one income and have fun with the second. She's paid off $15,000 in debt and counting, and is a contributing blogger at TurboTax's blog.
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.
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.
What is Power of Attorney and What Does It Cover?
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.
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