A will is a legally binding document that can designate the distribution of your assets. Wills can be used to pass down property and financial assets to your family, friends or charities. A will can also stipulate who will become the legal guardian of your children or pets in the event of an untimely death. As an adult, it is imperative that a will be crafted to memorialize your wishes in the event of death.
Power of Attorney
Power of Attorney gives another person the authority to act on your behalf in certain legal and financial matters. The principal determines the amount of power given to the attorney-in-fact. The power given to the attorney can range from very specific powers meant to deal with one particular issue or can be very broad powers over health care, financial matters and other legal issues.
Health Care Proxy
A health care proxy allows you to appoint another person or family member to make health care decisions on your behalf if you are unable to speak for yourself. This can help your loved ones avoid a difficult situation in the event that you become unable to care for yourself.