What is a Will?
A Will is a legal document that allows you to control how your estate will be distributed after you pass away. Your estate is your net worth (the sum of your assets minus any liabilities).
A Last Will can also help you to communicate important instructions, like who will become the guardian(s) of your children or pets.
Do I need a Will?
It is recommended that you create a Last Will if:
- You have specific people in mind who you would like to leave certain gifts to.
- You think there may be disputes or confusion regarding the distribution of your estate.
- You have children or pets and want to name a potential guardian for after you pass away.
- You have no living relatives and do not want your property to go to the state.
- If you pass away without a Last Will (meaning you died “intestate”), your assets are distributed to your heirs by a court-appointed administrator in accordance with state law.
A Power of Attorney is a legal document that allows you to give someone the authority to make decisions on your behalf while you are still alive whereas a Last Will lets you communicate your wishes after you’ve passed.