Day: September 17, 2015

Legally Done

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This week we have a guest blogger, LaCosta Gaston, of The Journey of Being A Wife. You can click here to read her blog. Continue reading for her bio and her post.

 

 

Greetings to you all! My name is La Costa Gaston and welcome to my journey.  I am a lover of God, a wife, a mother, and a woman that wears many, many other hats. I enjoy being married and want to share my journey with the world. In the daytime, I am a Real Estate Closing Agent. In the evening, I am a full time blogger. I currently hold an Associate’s Degree in Paralegal Studies

I am the founder of The Journey of Being a Wife Blog and I’m so glad I came up with this idea. I have been blogging for 3 years and the beginning of this journey has just begun.  I have been a wife for 5 years and would not trade it for anything in the world. I have always had a passion for people and I pray that my blog helps someone along the way.

Recently, I was featured on the Alabama Women Bloggers website as the “Featured Blogger” on August 19, 2015. I am focused on one project at a time for my blog to allow my dreams become reality. I am married to Jerry Gaston, Jr and we have a son named KenDarius Hicks.  My favorite saying is “the journey is not easy, but someone has to do it”.

 

Legally Done

Are you prepared if something severe happens to you, your husband, or your family? Death? Illness? You have to sign on your spouse’s behalf? Many of you probably answered “no” to majority of these questions. Well, let’s get you ready.  Have you ever thought about having a Will, Living Will, Power of Attorney (P.O.A.) done? Do you have Life Insurance? These are some important documents that everyone should have, even on an individual basis. It doesn’t take much to prepare but it means a lot to have them if and when they are needed.

DISCLAIMER: I am not an attorney and this information is just my personal view of these documents. I do have these documents for my own personal life and I just want to share the importance of having them.

Will. 

This document is used to state the specifics of how you want your property, personal items, and finances disbursed after your demise.  You can name individuals, add clauses, and handle situations all in your Will. It allows as you to be in control of who gets what and why after your death.  This document will not be official until you die, but it is good to have it on hand. You don’t want to leave your family with more burdens than what they are currently going through at that time.  If you have any changes that you would like to make to your Will, the document you will complete is called a codicil. This is like an amendment to certain items in your will to state their changes.  Also, you don’t want your property going to the state. This will allow your family to keep the property in the family unless you state otherwise in the Will.

Living Will. 

This document will take affect when you are admitted into the hospital and you can’t speak for yourself. You become very ill and have to be put on some type of additional support to help you continue to live.  You can state specifics of how you want the medical staff to handle certain matters regarding your health.  You can also name a specific person(s) to be in charge of this matter as well.

Power of Attorney (P.O.A.)

This document will allow you to name someone to sign/act on your behalf.  There are two specific type of Power of Attorneys: 1) Durable & 2) Specific. The Durable POA gives the rights to an individual that you will assign to act on your behalf. It will not have an expiration date to it.  The Specific POA is a specific document that will allow someone to only act on your behalf for a specific reason. This document will have an expiration date on it. After that expiration date, the POA is no longer in use.  I will advise that once you get these documents completed; have them recorded at your local Judge of Probate office.

Life Insurance

This type of insurance comes in after your death to help pay for funeral and outstanding debt expenses. This is important because you don’t want to leave your family with your debt. There are two type of life insurance policies: 1) Whole & 2) Term.  Whole life insurance lasts throughout your life time and come into play after your demise. You can borrow on the policy, depending on how long you have had it, and the status of your policy. That would strictly be up to the company to allow you to do so.  Term life insurance is based on a certain time frame. If you have such, and you don’t die when the policy expires, you will have to obtain another policy. The terms range from 5 years thru 25 years, depending on the company. If this is something that you would like, then this is for you. Personally, I would not want to take on the risk of paying money on something that will expire before I do.

There are many other legal documents that are available. These are all good to have on hand and have in an area that you can go directly to them when needed.  You can put them in your safe deposit box at your bank, in a folder at home, give a copy to family members or friends that you trust. Of course, if you go to an attorney to have them to prepare the documents, they will have a copy for you.  I would suggest you schedule a consultation with an attorney to get the legal aspects of the documents and get them started on. You’d rather be prepared than be sorry.

 

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