The 7 Year Task: Legal Docs | Series 2.6

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Welcome to the Enjoy More 30s: Family Finance

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podcast, the only podcast dedicated to making life more

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enjoyable for young families by hitting on the financial topics

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that tend to weigh on us, stress us out and distract our focus

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from simply enjoying life.

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Hello, and welcome to Enjoy More 30s: Family

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Finance, we have the sixth episode for you today entitled

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"The 7 Year Task- Legal Documents". This is our "Your

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Money Multiplier" series. This is a topic that a lot of people

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need to address. And it's one that's really not that much fun

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to go through, which is why so many people put it off. So

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today, what we're going to cover is what you need to know when it

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comes to obtaining the legal documents to protect your

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family, and what you can do to quickly and easily get it

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accomplished.

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For me for some reason, I have a huge mental aversion when it

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comes to cleaning out the air filter for my h vac system, so

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what my furnace air conditioner system runs through. I have one

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of those, you know, reusable ones that needs to be manually

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cleaned out, and while it's not the worst thing ever, I really

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don't enjoy doing it. It's dirty, gets all over my slop

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sink, the plastic frame always catches my finger, I have to

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wait for it to dry out, and I have to fight with it to get it

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back into the furnace. So I do what you may expect- put it off.

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When I eventually do get around to doing it, you know, a few

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months later, I'm kicking myself because it's the same amount of

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time now or later, but I basically had air that wasn't as

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clean as it should have been in the meantime.

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What you need to know is that if you don't have all your legal

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documents in order, you are not alone, not by a longshot. Most

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people put this off for as long as possible. The reason that

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this episode is entitled "The 7 Year Task" is because as you may

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have guessed, it takes our clients roughly seven years on

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average to obtain or update their legal documents from when

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we first meet with them. Now, I'm certainly not advocating for

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that at all. But it is just to say, if you don't have what you

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need right now, just start off right now and forgive yourself

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100%. You have a clean slate, past is the past, and let's now

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take steps forward to actually getting them. The documents

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we're referring to when we say legal documents include a few

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different items.

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The first is what everyone is most familiar with: a will. And

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for families, that means dictating who you want to watch

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over your children if you were to pass- obviously super, super

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important. This can be actually broken up into two parts as

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well. One- who you would want to care for them. And two- who

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would you want to handle their finances. This doesn't

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necessarily have to be the same person. What we always tell

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parents is- right now, without your will done, which family

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member do you think would be able to argue and convince the

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courts to give them your children? Is that also the same

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person you would want to pick to raise your children? And when we

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go through this, parents usually look at each other at this point

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and give a nervous, you know, probably not laugh back out to

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us. And that's exactly what I heard, what happened to me, when

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I heard that said to me. So that's something that I think is

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really powerful if you just think about who you would want.

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And if that would be necessarily the person that'd be able to

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convince the courts- they don't always line up.

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The second item is a power of attorney. So basically who has

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legal authority to make decisions on your accounts or

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otherwise if you are unable to. So any accounts that aren't

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joint, which includes all retirement accounts, would not

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be accessible without going through a court proceeding in

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that scenario. Now court proceedings, not exactly what

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you're wanting to be focusing on if your spouse is in a coma or

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seriously injured or something like that.

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The last item is having a living will with a medical directive.

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So one- who do you want making your medical decisions on your

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behalf? And two- any end of life choices if you were to have

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them. Again, all this stuff necessary, not always the most

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fun to go through though, I definitely recognize that. What

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you can do though, is make a point to make one appointment or

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reach out to someone within the next 24 hours. You are most

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likely to be as inspired as you possibly can to action right at

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this exact moment. And so getting in motion to any degree

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right now is what will give you the greatest opportunity for

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removing this anxiety in the back of your head, which as

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always is the goal, and putting more focus therefore on enjoying

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life. You can send an email out to a lawyer you may know right

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this minute. You can even go online. There are things such as

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Legal Zoom, or other online platforms that advertise doing

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the same thing. Any signed, fully executed copy is 100 times

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better than what you have today, which is nothing maybe.

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So a recap for today is pretty simple. First, if you don't have

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anything yet, just forgive yourself to this point, you're

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not alone. The past is the past, let's move on. Second, there are

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three documents which are all provided together as part of the

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process normally; will, power of attorney, and living will with a

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medical directive. Third, take one small step of action to put

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yourself in motion towards this today. Remember the family

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member that will win an argument perhaps to raising your

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children, very likely is not the one you would ever choose.

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Thanks for tuning in today. As always, if you are able to

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implement what we cover then that is just fantastic, we're so

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happy that we're able to help you. You have less to worry

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about than before and can focus more on just enjoying life. If

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you are wanting help though with these things, or have any

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questions that you need help in clarifying, check out the 'Ask

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Joe' section on the shows website- www . enjoy more 30s

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.com, that's enjoy more three zero s .com. If you enjoyed this

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episode, please make sure to follow and review us on Apple

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podcasts or wherever you listen. There are literally millions of

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young American families out there I'm trying to reach and

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help just like you. The next episode is the second to last

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episode. It's a bonus episode that I decided to work into this

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"Your Money Multiplier" series, because it's an item I thought

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about and it's just so important and really got me excited to be

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able to share. So the title is "Make Irregular income? Have

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Regular Pay", where we're going to cover how if a large part of

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your income is variable, commission or bonus derive, so a

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lot of entrepreneurs out there, a lot of self employed people

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out there- you can actually turn this into a much more manageable

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monthly systematic paycheck for yourself. Great connecting with

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you as always today, and look forward to connecting with you

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again soon.

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The conversations on this show are

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Joe's opinions and provided for general information purposes

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only. They do not constitute accounting, legal tax or other

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professional advice for your specific situation. You should

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always seek appropriate advice from a financial advisor,

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accountant, lawyer or other professional before acting upon

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any content or information found here first, Joseph deleted with

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New Horizons Wealth Management LLC, a branch office of TFS

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securities Inc and TFS advisory services an SEC registered

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investment advisor member FINRA/SIPC.