While you’re living and healthy you can make your own decision regarding your finances, property, health care, and raising your children. Should you die or become incapacitated, you hope others can continue to make these decisions for you according to your wishes.
The only way this can happen is if you specifically lay out your wishes on paper creating a legal arrangement for these wishes to be carried out.
What is a Will?
A Will is a document that allows you to specify:
• Who will receive your assets when you have passed on
• Who will take care of your children if they are still minors
• Who will be the personal representative of your estate
When should I write a will?
You should write a will if you have any tangible asset and would like them to go to specific people. If you have children you should definitely write a will to make sure their will be a guardian to take care of the children in case something should happen to the parents.
What happens if I don’t have a Will?
In the event that you don’t have a Will, your assets will be transferred according to the intestate statute.
Guardianships
When a person cannot make their own decisions due to either a traumatic injury to the brain or health issues such as Alzheimer they will require a guardianship. A guardianship is a legal document allowing the court appointed guardian to make important decision concerning the financial and health care of person who cannot make these decision.
Without a durable power of attorney in place, a guardianship is needed to ensure the person’s affairs are taken care.