A Will is a legal document that allows for the distribution of your property upon your death. Wills can come in many forms. Some are very complex, while others are quite simple. Each Will should be tailored to your individual needs, and form Wills should be avoided.
2. What is Financial Power of Attorney?
If you are incapacitated, a Financial Power of Attorney, also known as a Durable Power of Attorney, allows your agent (person you appoint) to pay your bills, manage your assets, and attend to your affairs in general.
The time to execute a Durable Power of Attorney is before you may need it, not when an accident or illness has already happened. It sounds obvious, but you simply can’t execute a Power of Attorney after you have become incapacitated. 3. What is a Medical Power of Attorney?
A Medical Durable Power of Attorney allows you to appoint an agent to speak for you regarding medical treatment decisions when you cannot do so yourself.
4. What is Estate Planning?
Estate planning is planning for your property, your loved ones, and yourself in the event of death or incapacity. The most important aspect of estate planning is planning early on, to eliminate or minimize problems before a crisis arises.
5. What is a Living Will?
A Living Will is a declaration in document form regarding your health care wishes. It may state, generally, that if you’re in a terminal condition or irrevocable coma, that you do not want to be kept alive by medical procedures that merely postpone death. A Living Will applies only where death is imminent, and not where death is not imminent but you are unable to make medical decisions for yourself. 6. What is a conservator?
A conservator is responsible for a person’s estate or financial affairs. A conservator may be appointed by the court for a minor or an adult who is incapacitated, missing, detained, or unable to return to the U.S. A conservator cannot be the same person or entity as the guardian.
7. What is a guardian?
A guardian is responsible for a protected person’s medical and health care decisions, and for their well-being. 8. When is it time to change my Will?
There are a lot of good reasons to change your Will. Some of the following are often times when you may want to consider revisiting your Will: - You have recently married or divorced. - The birth or death of a child, grandchild, parent, or spouse. - You have remarried and you have children by a prior marriage and/or children by a second marriage. - There has been a change of ownership in the family business. - You have purchased or sold property that was specifically devised in your Will. - You have acquired new assets in another state that you have not placed in a trust. 9. What does intestacy mean?
To die intestate essentially means that you died without leaving a Will or devising your property. If you die intestate, any property or assets you possess will go to your heirs, as determined by state intestacy law.