WHY DO I NEED A WILL AND A POWER OF ATTORNEY?
A will directs your executor on how your assets or estate are to be managed and distributed after death. Without one, the distribution of your estate is determined by default rules that may not provide for your loved ones the way you would have wanted. Failure to draft a will can lead to uncertainty for your family after death in terms of who should be the one to administer your estate and take responsibility for dividing your property, leading to an increased risk of conflict. a properly drafted will clearly states who should inherit certain assets and who you want to be a guardian for your children.
The cost of having a lawyer prepare a will is relatively minimal compared to the problems that can arise by failing to have one.
A power of attorney appoints a person, chosen by you, to be your “decision maker” if you are alive but incapable of making decisions yourself. a power of attorney for property authorizes access to your accounts to take care of your financial responsibilities. This is valuable for adults of any age. For young families that encounter an unanticipated serious illness, the decision maker can do things such as make regular mortgage payments from your account so that you can focus on getting better. For families with aging parents, the decision maker is able to allocate resources from your accounts to ensure necessary care is funded or to pay the costs associated with an assisted living facility thus ensuring a high quality of life for you.
The power of attorney for personal care appoints decision maker(s) for making decisions about your health care when you are not able to. It can list particular provisions for how your care is to be managed in the event you are seriously ill so that your decision maker is well-informed about your own, personal wishes for care and the quality of life you wish to have.
To ensure your estate is dealt with in an orderly fashion and appropriate decisions can be made on your behalf when you are unable to do so plan ahead and have a will and powers of attorney prepared.
Call Kelly Greenway Bruce today for an appointment to begin this process and let the firm that cares build a future for you.
The above information is of a general nature and is not intended to provide legal opinions. Readers should seek professional legal advice on the particular issues which concern them. We would be pleased to elaborate on any information contained above and how it may apply to your specific circumstances.