Wills

One of the most overlooked personal documents, a Last Will and Testament, makes a legal case for your final personal assets and financial matters.

Types of Wills

There are a number of different types of Wills. A holographic Will is perhaps one of the most basic. A legal Will is one personally prepared by an attorney. Knowing which one to choose goes hand in hand with taking stock of your relationships and financial situation.

Do You Need A Will?

First, anyone over the age of 18 is eligible to draft a legal Will. While most 18 year olds are typically not spending time considering end-of-life issues, most financial advisors recommend most adults have a Will, if nothing more than a basic one. The surprising fact is, though, that most sources claim less than half of all Americans actually have a Will, and many will never have one, leaving grieving families saddled with the responsibility of cleaning up personal assets and financial messes.

Executors and Powers of Attorney

The Executor you name in your Will is responsible for the job of handling your last Will and Testament, along with finalizing all financial and business matters. Actually, it is a mountain of paperwork. Choose an Executor you trust, and who is familiar with your finances and personal life.

Along the same lines, a power of attorney is often named in a living will. A power of attorney has the legal responsibility of speaking for you in the case you find yourself incapable of making both medical and financial decisions.

Drafting Your Own Will or Hiring A Lawyer

The jury is out on this topic. Generally, attorneys want you to hire them, while many other sources claim you can get by on your own. Should you have any questions about your abilities or your personal assets and finances, by all means consult a lawyer. However, there are scads of sources that provide advice to those preparing a Will, or businesses that can make a basic one for you.

A Living Will

Living wills are hot topics, these days. A living will is a legal document in which you can choose what kind of medical care and life sustaining support you are willing to accept in the event of an accident or medical illness that makes you unable to communicate your desires.

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