Do I Need a Will?
Your will — plus power of attorney and advance directive — are the three most powerful documents you’ll ever sign. They keep you in charge past the time you’re able to speak for yourself, as well as prevent or minimize a host of undesirable outcomes you might never have imagined.
Your will controls who inherits your assets. If you do not have a will, the state has a will for you: People that you did not intend to inherit, may inherit.
Your will can address issues that arise with having a small business, minor children or special-needs children or family members who are estranged, spendthrifts or addicts.
The two other documents come into play if you can no longer make your own decisions, for example, if you have Alzheimer’s. A power of attorney names someone to manage your financial affairs, and the advance directive names someone to make your health care decisions.
These three incredible documents can help prevent all sorts of problems and are worth their weight in gold. Other planning documents may be appropriate for your situation as well. A good estate-planning attorney can make recommendations on what is best for you.
Whether or not an estate plan is in place after a loved one dies, you should seek the assistance of a probate attorney to make sure assets can be distributed quickly and fairly.