Estate Planning

A Last Will and Testament says where your assets will go when you die. A Will transfers acts like a deed in that it transfers title to property. Because this is a legal document, there are certain formalities required when signing a Will, namely, the Will must be properly signed, witnessed, and notarized. To be effective, your Will must be admitted to probate after you die. A Will is a highly beneficial document; in fact, there are no disadvantages for a well-drafted and up-to-date Will. A Will allows you to say who will get your property when you die, designate a guardian for your minor children, designate a trustee for minor beneficiaries, as well as plan for estate taxes. With a Will, you can designate an Independent Executor to serve without bond. The Executor will have powers to settle your estate.

This is known as a Statutory Power of Attorney. This document designates an agent to handle your affairs when needed, such as after a car wreck, surgery, or during an illness. This document is the proverbial "keys to the kingdom", they will be able to do anything that you can do. Once designated, your agent can sign onto your bank account, transfer your money, sell your house, sign your tax return, sign insurance forms, request Social Security, Medicare, and Medicaid. There are both pros and cons of making a "Financial" Power of Attorney:

Pros:

1. A Financial Power of Attorney helps avoid a guardianship over your estate, by designating an agent to handle your affairs.
2. You can designate the person who you think would best handle your financial affairs.
3. This document gives you the opportunity to discuss your financial affairs with your agent.

Cons:

1. Because this is such a powerful instrument you must pick an agent who is honest, tends to business, keeps good records, and seeks and follows good advice.
2. You should not get a Financial Power of Attorney if you do not have a qualifying agent.

A Medical Power of Attorney helps avoid a guardianship over your person by designating an agent to make healthcare decisions for you when you are unable to.