| Wills
One of the most
important legal documents you will ever need, yet the most neglected.
I always query my clients whether they have a will and powers of
attorneys (Personal Care& Property). Most of my clients respond that
they do not and are not certain as to what the term “Powers of
Attorneys” means.
Wills are important
documents. They allow you to name the persons you wish to inherit your
estate. Without a will, the beneficiary of the estate will be selected
by law meaning that intestate laws are in place to dictate how one’s
estate will be divided should you not have a will. You are
“intestate” at your death. You may simply want your estate to
go to your spouse (if you are married) or your children (should you have
children). But, what if your spouse predeceases you? What if one of your
children predeaces you and that child has issue of their own? Is there
any guarantee that your grandchildren of your deceased child will
receive part of the estate or will the estate go directly to your living
children? Do you have specific heirlooms you want to gift to
specific people? These are some examples of why you want the
ability to direct your estate after your death and not have the
intestate rules set by the government dictate who gets what part of your
estate.
How old is your present will? Over time, your
will may become stale. By this I mean that many things in your life may
have changed since you made your last will. People you have devised part
of your estate to may have died or you no longer wish them to take part
of your estate. If you have not addressed this, you may be bequeathing
part, or all of your estate to someone who is deceased or to someone you
have not seen in years and you would no longer even consider them to
take part of your estate at this time!
Power of Attorney
For Personal Care:
This type of Power
of Attorney allows a person(s) you designate as your attorney to make
decisions concerning your personal care should you be unable to do so
due to illness. This attorney can carry out your wishes as to
medical decisions you wish to be made on your behalf.
For Property:
A Power of
Attorney for Property enables your attorney(s) to also carry out your
wishes if you are not able to do so due to illness or you are not
available. For example, you are out of the country traveling. (The
example of out of country travel may require that you prepare a separate
Power of Attorney for a specific matter while you are unavailable to
deal with that matter.)
Should you become ill and are unable to
make decisions concerning your property such as financial affairs, your
attorney can do this for you. The attorney will be able to access your
bank accounts as well as other property related items, to make bill
payments etc. until you are again able to do so on your own behalf.
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