In order to protect one’s interest in the event of a tragic loss, whether deceased or incapacitated, and to ease the stress of your loved ones, everyone should prepare a Will and/or Power of Attorney. While not pleasant to contemplate, it is necessary and prudent to make sure our affairs are carried out as we wish. When it comes to a Will or Power of Attorney, sometimes “not right now” is too late.
At Knezek Law, our experienced Louisiana estate planning attorneys can construct a comprehensive estate plan, including drawing up a Will and/or Power of Attorney. These can work in conjunction with Trusts, Financial Powers of Attorney, Healthcare Powers of Attorney, and Living Wills.
Will
A legal Will is a document that comes into effect upon your death. It details all and any of your wishes and directives regarding possessions and assets. Most importantly, if you have children, a Will ensures that your children go to the guardian you have picked out for them.
Why do you need a Will?
If you do not have a Will, the government, through a specific law called the intestacy law, mandates who gets your property. If there is a surviving spouse or surviving children or grandchildren, they will generally receive all or a substantial portion of the property. However, if there is no surviving spouse or other close family members, and there is no Will, the law passes the property to others in the order of the closeness of their family relationship.
Not having a Will means that your assets will likely not be distributed how you would have preferred. Leaving your family and loved ones behind without a clear and legal Will can cause them stress, and may even lead to conflict.
Power of Attorney
A Power of Attorney, on the other hand, takes effect if you become seriously ill or injured and are unable to make decisions regarding your property and personal care. A power of attorney appoints one or more people to make decisions on your behalf.
Why do you need a Power of Attorney?
For some people, having a Power of Attorney feels more crucial than a Will. If you do not have a Power of Attorney and become too physically or mentally incapacitated to make decisions regarding your care, then that power may end up going to the Public Guardian and Trustee.
Not only does this mean that you may receive care that you would not have agreed with, but it can also cut your loved ones out of the decision-making process. Gaining the power to make decisions on your behalf can cost your loved ones a lot of time and money.
Having a Will and a Power of Attorney should not be considered optional. By taking the time to set up these two crucial documents, you will be helping to reduce the potential burden on your loved ones.
Contact Knezek Law today, our experienced attorneys will walk you through the process of protecting you and your family’s future.