In an increasingly digital and interconnected world, the role of a notary public may appear traditional and outdated. However, the importance of a notary public cannot be expressed enough. Notary publics play a crucial role in safeguarding trust, authenticity, and legal validity in a wide range of transactions and documents. Notary Publics can even be a key to generational wealth.
The journey to generational wealth is accomplished by incorporating four pillars- acquire, protect, grow and pass it along. Within these phases, notary publics administer essential legal documents, including wills, deeds, and powers of attorney. Each of these documents are critical in generating and maintaining wealth. Notaries can also help individuals and organizations adhere to legal requirements, ensuring that their documents will stand up in court if necessary.
Notaries play a pivotal role and are critical in preventing fraud and identity theft. By confirming the identity of the signers through reliable means such as government-issued IDs, they ensure that documents are not being executed by impersonators. This verification process helps protect individuals and organizations from falling victim to fraudulent activities.
There are tools available to use to attain generational wealth, such as a will or trust. These are not just legal formalities; they are vital documents that ensure your legacy is protected, your loved ones are cared for, and your assets are distributed according to your wishes. Regardless of your age or financial situation, creating a will or trust is an essential step in responsible financial and estate planning. It offers peace of mind, promotes family harmony, and secures your lasting influence on the world. So, if you haven’t already, it’s time to consult with an attorney and create a will that reflects your wishes and values.
Without a will, assets cannot be distributed according to your preference and can create ownership issues. In Philadelphia and many other areas, there are large numbers of properties with “tangled titles”, situations in which the deed to a property bears the name of someone other than the apparent owner. Tangled titles can occur in different ways and lead to numerous negative outcomes such as loss of home ownership, which can be the family’s key to wealth and have a detrimental impact to the community.
The Pew Charitable Trust reports that Philadelphia has over 10,407 tangled titles representing over $1.1 billion dollars. That is a massive amount of family wealth. One preventive measure includes ensuring homeowners have existing wills. Yet again, a circumstance where a notary is utilized. To be clear, a will does not need to be notarized in every state. However, a notarized will makes the process smoother, because the court does not have to summon witnesses to make sure the will is legal. Just having a will is simply not enough. A title can become tangled if the entire transfer is not completed.
While a notary public’s primary function is to serve as an impartial witness to the signing of legal documents, their role can indirectly support generational wealth preservation by ensuring the legality and authenticity of documents related to estate planning, asset management, and legal agreements. However, it’s important to note that the notary’s role is limited to verifying the identity of signatories and ensuring the proper execution of documents; they do not provide financial or legal advice on wealth management strategies themselves.