Wills
A will or testament is a legal document that sets forth your wishes regarding the distribution of assets, property, legal guardianship, and care of your minor children.
Functions of a Will:
- For children under 18, a will allows naming a guardian and stating your wishes concerning who will look after your children and their property when you pass.
- Leaving instructions for how you want your property to be divided and distributed.
- Authorize a person who will administer your personal affairs and carry out the instructions left in your will.
- It helps with an estate plan to minimize your tax burden.
Power of Attorney
A Power of Attorney is a legal document that gives someone else the power to act on your behalf. This person is called your “attorney.”
Types of powers of attorney:
- 1A non-continuing Power of Attorney for property: This is used for specific situations for a particular length of time. The attorney is giving detailed tasks they are allowed to perform on your behalf for a specified duration of time.
- 2A continuing Power of Attorney for property: This power of attorney authorizes a person to act on your behalf in financial matters if you become mentally or physically incompetent.
- 3A Power of Attorney for Personal Care: This document allows your appointed attorney to make healthcare decisions on your behalf if you become incapacitated.
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