POWER OF ATTORNEY
A Power of Attorney is only valid while you are alive, it is void upon your death. Power of Attorneys, Statuatory for business decisions or Medical for medical decisions, appoint someone you trust to perform business or medical decisions on your behalf, if you are unable to. It does not take away at any time your ability to make your own decisions if you are mentally able to do so.
Is only valid when you are alive, it is voided upon your death. A Physician’s Directive specifically outlines your end of life wishes for medical care, in case your medical condition is terminal and your life is soon to end. It helps your family and loved ones from not having to make these decisions, when they are very vulnerable and emotional regarding you, their loved one.
A Will is only valid after you die and after it is entered into Probate by a County Probate Court Order. There are many types of Wills. Please consult a licensed Attorney on the various types of Wills and what would be best for your Estate. It is unwise to make your own Will. All states have rigid Probate laws that have to be followed for probating an Estate and it is best that an attorney drafts your Will to protect your last wishes and your Estate.
Why do I need a Will:
If you own real estate; when you die, in order for a person to sell your real estate, you need to leave it to a beneficiary in the Will and you need an Executor to be named as your representative in your Will. A Will ensures that a new Deed for your real estate can be issued with a clear title of ownership to your beneficiary designated in your Will. This can eliminate many unnecessary expenses.
If you have children; when you die, a Will can designate who will be the guardian of minor children or trustee of your estate for your children and assets left to minor children, if a parent is no longer alive. It eliminates the State from making these decisions for you and your children. A Will also names how your estate will be divided among your designated heirs. A Will eliminates a lot of extra cost to probate your estate versus an estate left without a Will. This eliminates an extra financial burden on your loved ones.
If you have a major life change such as marriage or divorce; a Will can make sure your Estate is left to the beneficiaries you want and names an Executor to handle the probate of your Estate through the court system. If you had a previous Will or Power of Attorney documents drawn up in your previous marriage and you do not change them after your divorce, even if your wishes change, the Court may probate your Estate per the last Will and Testament that you signed. The best option is to always review your Last Will and Testament and make sure that it reflects your current marriage status, current spouse, current wishes for the disposition of your Estate and current wishes for an Executor of your estate. If not correct for your current life, it is best to draft a new Will and Power of Attorney documents, which will replace your previous Will or Power of Attorney documents.
If you have a high risk career, it is best to not put off setting up a Will and Power of Attorney documents, even if you are young in age. Be proactive and plan ahead to help your family and loved ones.
Best financial decision to have a Power of Attorney and Will; it is far less to pay for a Power of Attorney to protect you if you are unable to make mental decisions for yourself , than for a loved one to have to hire an attorney to set up a Guardianship to take care of you, if you are mentally or physically unable to do so while alive. It is far less expensive for your loved ones to Probate your Estate with a Will, than to Probate your Estate without a Will. Dying without a Will (or intestate) is a lengthy probate process versus a shorter and less expensive probate process with a Will. Wills also can minimize estate taxes.
Peace of mind with a Will; you can allocate how your want your estate divided to your heirs or you can disinherit anyone that is a heir. You can make gift or donation designations in your Will. You can lessen or eliminate potential Court battles between heirs after your death.