I'll do a will someday
People often ask, “do I really need a Will?” The truth is, you probably do, but you really need an estate plan more. A well rounded estate plan consists of a Will, a Durable Power of Attorney and a Healthcare Power of Attorney (Living Will).
A Will, very simply put, is a document that devises your property to individuals, charities or other entities. However, it is much more than that. If you have young children, it ensures that they are cared for by the person you trust the most and prevents potential costly and emotional battle between family members who each think they know what you would have wanted. If you have large pieces of property, it ensures that your heirs don’t have to go thought the complicated process of having the court partition the property. It also ensures that someone you trust administers the process of dividing up your property.
A Power of Attorney allows you to ensure that your property is protected for the remainder of your life. Should you fall ill, lose your mental facilities or otherwise be indisposed for some time, you have someone who can assure your property is well cared for until you return. In the event of a prolonged hospital stay or high medical bills, you can ensure that someone you trust is making decisions that are consistent with your wishes.
A Healthcare Power of Attorney deals with medical and end of life decisions. If you are in a car wreck and need surgery, who will authorize medical treatment? What if you are on a ventilator? or in a persistent vegetative state? Wouldn’t it be nice for your family to have your specific wishes in writing so that there isn’t any question about what your desires were?