What You Need After Your Will - Our Guide

Let’s face it, death is unavoidable. We can’t bring our material possessions in the afterlife. If we have assets and properties to leave behind, we want these distributed to our heirs.

This is the reason why a last will and testament has to be written while you are still alive. There are factors that have to be considered when drafting your last will. This includes your age, your marital status, and your children. Your health and general well-being are also important.

It’s best if you’ve already made your last will and testament for many reasons. You need it if you’re already getting old or if you’re in bad shape in terms of health. It’s practical also if you remarried after a divorce and have children from different mothers. This will help to prevent any conflicts among family members and interested parties.

With that being said, we will discuss about the last will. We’ll explain further as to what you need to do after you’ve written your last will.

Last Will and Testament

A last will and testament is a legal document. It indicates how you, the testator, want your property to be distributed upon your death. The legal document itself enlists the names of those who will serve as executor of the estate. The executor is legally responsible for managing the affairs of the estate. This includes the estate itself until final distribution.

Difference between Last Will and Living Will

As mentioned, a last will basically detail how you want your property to be distributed when you die. On the contrary, a living will provides medical directions you want to be followed. This is used if you become seriously ill or incapacitated.

When diagnosed with serious illness, one of the most practical decisions is to create a living will. It’s not a matter of choosing between a last will and a living will. It’s taking into consideration the need of putting advanced directive in place. It will grant your wish during medical care.

The Need for Power of Attorney or Durable Power of Attorney

It’s important to know the role of a Power of Attorney. POA is a legal document mandating an agent or attorney in fact to have authority to make decisions. They also take actions on behalf of the principal. The POA’s roles are not limited to paying bills. They include assuming financial estate accountability, making real estate transactions and filing tax returns.

Durable Power of Attorney comes in when the principal becomes incapacitated. The POA will soon cease in such a situation, and the Durable POA will take over the legal responsibility.

Furthermore, it is worthy to note that there are other specific types of POA. One is Financial POA with the principal giving the agent the responsibility to manage the financial affairs. In addition, Medical POA is also managed to allow the agent to make medical decisions on the principal’s behalf.

 

References:

1. “Executor.” Wikipedia, Wikimedia Foundation, 4 Mar. 2019, en.wikipedia.org/wiki/Executor.

2. “Power of Attorney.” Wikipedia, Wikimedia Foundation, 4 Feb. 2019, en.wikipedia.org/wiki/Power_of_attorney.

3. “Types of Advance Directives.” American Cancer Society, www.cancer.org/treatment/finding-and-paying-for-treatment/understanding-financial-and-legal-matters/advance-directives/types-of-advance-health-care-directives.html.

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