What is a Will and Why Do You Need One?
A Will is a legal document detailing how your assets are to be distributed when you die. If you die without a will, your assets will be distributed according to state laws and not necessarily in accordance with your wishes. A Will also allows you to appoint a guardian for your children and trustees to manage their property. If you die without a Will while any of your children are minors, the court will appoint guardians and trustees who may not be those you had envisaged.
What is a Power of Attorney?
A Power of Attorney is a legal document appointing a person to manage your financial affairs. It can become effective immediately or only if you become unable to manage your own affairs. If you become unable to manage your financial affairs without having already appointed a Power of Attorney, your loved ones would have to apply for a legal order to have someone appointed – a process that is complex and emotionally taxing.
What is an Advance Care Directive?
An Advance Care Directive is a legal document appointing a person to manage your medical care and end of life decisions if you become unable to do so. Similar to a Power of Attorney, if you become unable to make these decisions without having created an Advance Care Directive, your loved ones will have to apply for a legal order.
Why Use a Lawyer?
Wills, Powers of Attorney and Advance Care Directives are all complex legal documents. Having a lawyer prepare these documents will ensure they are prepared correctly to avoid technical issues and minimise the likelihood they can be successfully contested. Small errors can lead to documents being invalid, resulting in excessive time and costs to rectify. Contact the Zed Legal team at hello@zed.legal to get started.