Power of Attorney is a legal document appointing someone (you choose) to take over your financial affairs should you become incapacitated or unable or unwilling to take care of them yourself.
You can revoke this person at any time. Their duty expires upon your death—when your assets move to the people or charities designated in your will. What is that? Read: Wills: What’s the Story?
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This may come as a shock, but “Wills” is not just the nickname for the dreamy Prince of Wales. We’re talking about the less exciting ones—wills: the legal documents.
What Does a Will Determine?
1) The transfer of property and personal possessions.
2) The guardian of your child should you and your spouse pass away (if you do not plan for this, the state has the right to determine your child’s guardian).
What is Exempt From a Will’s Coverage?
Your will is not going control anything held jointly; that transfers to the next survivor.
How to Create a Will
You can create a will online or with a lawyer. A lawyer is the safer route here—you want to make sure the document is valid. But there are many sites, including Legal Zoom, that have earned an “A” rating by the Better Business Bureau.
Is a Living Will Different Than a Regular Will?
Yes it is. A living will is a legal document that states your desire to accept or reject certain medical treatments that may prolong your life. Talk to your doctor before deciding upon these details.
Related Articles: What is a Trust?
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