A Will, sometimes known as a Last Testament, is a legal document that formally declares how your assets will be distributed after your death. It allows you to provide for your family, dependents, and friends after your death while avoiding uncertainty, delay, costs, and taxes.
A vital component of any effective estate plan is having an up-to-date and legal Will that expresses your desires regarding how your property should be split when you die. If you die without leaving a valid Will, your property will most likely be allocated according to a predetermined government formula that may or may not correspond to your preferences. If you already have a Will, but your circumstances and wishes have changed, it is time to update it.
Powers of Attorney
While a Will deals with matters after you've died, it's a good idea to plan for decisions to be made on your behalf while you're still living, in case you're not in a position or no longer have the capacity to make such decisions yourself. You can choose a trusted "attorney" to act in your place in financial, medical, or other general or specific areas.
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