5 Legal Documents You Need During a Pandemic

If you get COVID-19 or experience another unexpected tragedy, these crucial documents can help you and your family manage money and make essential decisions with more clarity and less stress.

By

Laura Adams, MBA
July 1, 2020

selling real estate, making insurance claims, filing taxes, or making financial decisions. You can also create one or more limited powers of attorney, which name people to act on your behalf for specific transactions during a limited period.

Having a POA is how the financial end of your life can run smoothly if you become incapacitated. It’s also a tool for giving someone the authority to manage nearly any aspect of your life if you’re unavailable or don’t have time to handle it yourself.

5.  Childcare authorization

If you’re the parent of a young child, you should have a childcare authorization. This document can address a variety of situations, such as whether your child’s school or daycare can release them to another individual.

You can use this authorization to allow someone else, such as a partner or nanny, to temporarily make decisions for your child in your unexpected absence.

Do you need emergency documents if you’re married?

Don’t make the mistake of thinking that you don’t need emergency or legal documents because you’re married. While a spouse may be able to make some crucial decisions for you, you could both die or become incapacitated at the same time.

Let’s say your spouse is in a coma in the hospital due to a disease or accident. If you had a financial hardship and needed to sell assets, such as jointly owned investments or real estate, it could be difficult. Each of you would have to authorize the transaction.

Married couples and domestic partners should give each other power of attorney to avoid having financial restrictions during a crisis. And each of you should have wills and healthcare proxies.

Therefore, married couples and domestic partners should give each other power of attorney to avoid having financial restrictions during a crisis. And each of you should have wills and healthcare proxies.

Also, consider what would happen to your minor children if you and your spouse were in an accident together. It’s critical to name a guardian in your will, so the court doesn’t appoint one for you that you may not like.

Where should you keep emergency documents?

Keep your original signed legal documents safe, such as at your attorney’s office, in a fireproof safe, or a bank safe deposit box. Also, maintain copies of everything at home in case you need them at night or on the weekend. You should scan and upload them to a cloud-based storage service, such as Dropbox or Evernote.

Do yourself and your family a favor by getting all your emergency documents created as soon as possible. If you already have them, put an annual reminder on your calendar to make any necessary updates. You’ll feel at ease knowing you’re as prepared as possible for the unexpected. Your emergency documents make sure that you and your children’s future is protected no matter what happens.


About the Author

Laura Adams, MBA

Source: quickanddirtytips.com

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