Wills, Living Wills, and Power of Attorney
Many people struggle with establishing a Will, Living Will, and Power of Attorney. Even understanding the difference between the three can be overwhelming.
Will: A Will becomes valid at the time of death and states a person’s wishes of how the estate is to be handled and distributed. An executor is also appointed who has the power to handle the estate. If no executor is appointed before a person dies, the family has to choose one. That person then has to apply to become administrator of the estate before anything can be done with it.
Living Will: Indicates a person’s desires regarding their medical treatment when they are incapacitated and appoints someone to make medical decisions for them when they are medically unable to give informed consent.
Power of Attorney: Gives another party authority to take control of all or a portion of a person’s financial and legal affairs. This can be short-term while the person is out of the country, or long-term during a time of incapacity. This allows bills, taxes, banking, etc., to be taken care of when the individual is not able to do it themselves.
Establishing each of these can be a daunting task, but they are extremely important. It’s easy to put it off and say “Someday I will deal with it, maybe when I’m older” but you never know what tomorrow will bring. Having your affairs in order today can give you and your family peace of mind; it only takes an hour of your time and at an affordable price.
If you would like help with setting up a Will, Living Will, or Power of Attorney, give Tina at Oliver’s Funeral Home a call and she would be happy to help you out.