5 Legal Documents You Need

Even if you’re just starting out, these legal documents are essential to control what happens to your assets and your health care. Review them any time your circumstances change—especially if you get married and have kids.

A will lets you decide who inherits your assets after you die. It’s particularly important to have a will if you’re remarried and have stepchildren. This is also where you name a guardian for your dependents. Otherwise, the state determines who takes care of them—and it may not be the person you would have chosen.

Beneficiary designations control the disposition of your retirement accounts. Such accounts are not directed by your will.

A durable financial power of attorney lets you choose who you want to make financial decisions on your behalf if you can’t.

A durable power of attorney for health care identifies the person you want to make medical decisions on your behalf if you’re unable to make them yourself.

A living will (or advance directive) specifies the kind of life-sustaining medical treatment you do and do not want if you are unable to speak for yourself.