Guide to Estate Planning

A last will has specific instructions for the distribution of your estate upon death.
It is the document that lists who gets what if you pass away, thereby helping avoid disagreements or additional emotional stress for your loved ones. Additionally, if you have minor children, a will can name a guardian for your children in the event of your death.

Probate is the legal process of validating a person’s will. It involves taking the will to court and having a judge rule that the will is legally binding. Once this happens, the assets can be distributed. If you die without a will, you don’t have any say in how your property is dispersed. Instead, everything will be distributed based on the laws of your state, known as intestacy laws.

There are two main types of powers of attorney, known as POAs. A general (or durable) power of attorney designates someone to execute financial decisions on your behalf. A medical (or healthcare) POA designates someone to make medical decisions on your behalf in the event that you are unable to do so. Any decisions that are not clearly included in your living will are made by the person to whom you have given POA.

A living will is used to communicate your wishes regarding certain medical treatments while you are still alive. This is a very important document as it lets your loved ones and healthcare providers know your wishes for life sustaining treatments (ie. life support) in the event that you are not able to speak for yourself.