When we are
young, we don't think too far ahead. But a time comes when you need to stop the race
and make sure everyone who is important to us is protected and safe.
Midway through life, when you already have relationships, possessions, and children, you need to stop and recalculate your course. True,
this means confronting issues we prefer to suppress on a daily basis, but this is precisely
the moment to think about them seriously one time, make sure everything is in order, and continue the rest of your life,
a good and long one, with peace of mind.
So what legal documents should everyone have in their drawer, from a certain age?
Durable power of attorney
"God forbid." But in the worst-case scenario, it's highly advisable to have a legal document that allows you to pre-select a trusted individual to manage your medical, health, financial, and various assets in case of incapacitation, whether due to old-age illnesses, Alzheimer's, dementia, etc., or due to an accident or any other sudden reason.
This document essentially preemptively dictates who can "decide for you," which is truly a matter that shouldn't be left to chance. For this reason, it's advisable to prepare it when we are in excellent health and at a young age, and to treat it as an insurance policy. One that we hopefully never have to activate.
It is important to know that not every lawyer can draft the agreement, but only a lawyer who has been trained to do so. Advocate and Notary Tal Ivri from our firm is a graduate of the first training cycle for continuing power of attorney, a graduate of the advanced workshop for continuing power of attorney, and has extensive practical experience in the field.
Will
Will It is a document that defines what will happen to your assets after your death. A will allows you to ensure that your assets are distributed in the way you see fit, reach the right hands, and ensure the financial well-being of your loved ones. A clear will will also prevent disputes over assets and money within the family and resolve disagreements before they even arise. Therefore, it is always advisable to have one, to keep it updated, and most importantly – to ensure it is legally valid in court.
It is especially important to prepare a will when there are complex family situations such as children from different parents, when living together without marriage, when partners have separated but have not yet divorced, or in any situation where you wish to bequeath property to someone who is not among the legal heirs, or to disinherit one of the legal heirs from the will.
The bottom line is that it's not just peace of mind knowing your property will be divided as you wish, but also the knowledge that you've saved potential conflicts and arguments within the family. There is a will to follow.
Gift agreements regarding property
If you are considering giving your children a gift that will set them up for life, such as a significant sum of money, a car, or even an apartment, it is very important to back it up with an agreement. The agreement will take into account not only tax considerations but also a variety of other family considerations and will protect your rights as the gift-giver.
If, for example, we take a young couple who receives an apartment as a gift from the husband's parents, many things can change in a short period of time. The young couple could get divorced, and then the wife would be entitled to half of the apartment they received as a gift. The children could alienate their parents, and the parents might regret giving the gift. The young couple could owe money, and the apartment they received is not protected against debts to creditors. And these are just a few possible scenarios.
Therefore, when it comes to a gift of significant monetary value, it is highly recommended to give it with love and accompanied by a gift agreement that will ensure it fulfills its purpose exactly as you intend.
Our firm provides all legal services to ensure peace of mind for years to come. We pride ourselves on 20 years of experience in the field, and on professional service with great foresight and sensitivity to any matter that may arise.
It's worth knowing that, if necessary, we are prepared to come to the client's home and that we cooperate with expert consultants in relevant fields, such as: pension consultants, financial consultants, insurance professionals, and social workers.
If you have any questions, please do not hesitate to ask. We are available for you at the office.