The 5 Legal Documents That Everyone Needs

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This is the Truth Network. Welcome to Finishing Well, brought to you by cardinalguide.com, with certified financial planner, Hans Scheil, best-selling author and financial planner, helping families finish well for over 40 years. On Finishing Well, we'll examine both biblical and practical knowledge to assist families in Finishing Well, including discussions on managing Social Security, Medicare, IRAs, long-term care, life insurance, investments, and taxes. Now, let's get started with Finishing Well. Finishing Well is a general discussion and education of the issues facing retirees. Cardinalguide.com, Cardinal Advisors, and Hans Scheil CFP, sell insurance.

This show does not offer investment products or investment advice. Welcome to Finishing Well, with certified financial planner, Hans Scheil, and today's show, very fun, the five legal documents that everyone needs. And so, the way my daughter, who is now in her 30s, tells me when she does stuff like these legal documents, she says, Dad, I've been adulting all day.

I'm worn out. And so, you know, the idea of the Bible, it gives us a lot of help when it comes to adulting or setting up things like this. And one of the wonderful stories, in my opinion, is in the book of Esther that explains how legal stuff works, right?

Because we need a kinsman redeemer. In other words, if Jesus hadn't set up our salvation ahead of time, right, and paid, right, like the ultimate power of attorney for what it is that we could do to live eternally, I mean, we'd be in a bad, bad way. In the book of Ruth, we see how Naomi was aware that she had, you know, essentially, a power of attorney. And it's by the fact that her husband had died, both her sons had died, but she knew how the laws worked.

And as a result, you know, engaged Boaz through Ruth to see how her inheritance would eventually work and how she would leave this legacy for all of us, right? Naomi did by using her legal documents, literally, to make sure that she was in the line of Jesus as we are through, you know, this kind of making sure that we have our stuff in order. And so with that, Hans, we got to get our stuff in order.

We do. And I, you know, there's five legal documents that, you know, that I have on the video. And for this video and this radio show, I filmed this right after I completed my own, and my wife, this is a couple, so it's really 10 legal documents, five on each of us. I just completed this stuff. So I just did the adulting for myself.

And, you know, yeah, some of that has to do with we just had our first grandson and, well, a year and a half ago, but last Christmas, I gave both of my kids. We have an attorney that works with us here in the office. And she can only work in North Carolina and some in South Carolina.

So for you listeners that'd be interested in engaging her, if you're in North Carolina, wonderful. And then I've got another service that I use in 22 states. And then for the rest of the states, I got another thing that I use.

So we can help you anywhere. But what I did is I gave my son, my oldest son, my oldest son, who's married, you know, I said, man, you've got a little boy now, you know, and it's time to do some adulting, I guess, as you said. So I gave him, I paid her to do all these five documents for them.

And then at the same time, I said, you know what, Rhonda and I, we need to update these for us. I mean, ours are years old. I mean, our youngest was just a baby when we did these for the last time. And all of our money would have been thrown into a testamentary trust till he reached 30. And he's 24 now.

I mean, if both of us were gone, and he's very responsible, and there's just no need for that testamentary trust. So that and a whole lot of other things. I'm almost 65. And these powers of attorney take on a whole different importance as you get older. And you really look at the fact that somebody is going to have to be acting on your behalf at some point in your life. So yeah, and it was just, I got a really good feeling when I got this done.

It is in that it really is. And of course, you got, you helped me get mine done when I turned 65. And we updated, you know, or well, that hadn't been updated in a long time.

And the other documents we'll talk about. But then, you know, again, with my dad, we got them done right before, you know, he became decompacitated or whatever. And so it was critical that we had them. And I understand a little bit all too well why, you know, this is really some adulting that needs to take place for everybody at every age, right? Yeah. And so let's just go through what the five documents are that I just signed.

And I think everyone needs these. Number one is the general power of attorney. And that is just, you know, it's pretty simple when you're married. So my power of attorney is Rhonda. And Rhonda's power of attorney is me. And even if we didn't have these, they pretty much let the spouse act for the spouse.

It's still good to have them. But it's not so much on the power of attorney, for the general power of attorney, who you put down first, which is your spouse, it's who you put down second, or if you're single, who you put down first, which we put down our oldest son. And, you know, so if Rhonda's gone, and I'm incapacitated, well, then he is the power of attorney.

And then we put down second, our youngest son. And they have the authority. They don't have any of that authority as long as Rhonda's around, but they have the authority to just do business on my behalf. Buy and sell property, make investments, buy and sell my business, get loans, lending, create a trust, give money away, buy insurance, claim on insurance, blah, blah, blah, blah, blah. You need, if you're not.