The differences between a Will and Power of Attorney?

The biggest difference between a POA and a Will is their validity period. A Power of Attorney has its effects for while you are alive and is no longer valid after your death, whereas a Will is for after you pass away.

Though they are both legal documents which can appoint other people to manage personal belongings on your behalf, a POA nominates attorneys to help you with financial and legal affairs while a will indicates executors to administer your estates with careful instructions of how they can perform the distribution to beneficiaries upon your death.

Is having a will enough for everything?

It is important to have both an enduring power of attorney and a will.

A will has legal force after your death while A power of attorney is for your financial affairs while you are alive. When you die, your power of attorney (whether general or enduring) ceases automatically.

Responsibilities of the Donee ( Person who has been given the Power of Attorney)?

A donee’s duties vary, depending on what types of powers the principal granted. Some main responsibilities of a POA donee can be named as below:

Making an advance care directive, What is an advance care directive?

How do I make an Advance Care Directive?

An Advance Care Directive (ACD) will help your family and doctors to know what you would want when you are not able to tell them yourself.

The Power of Attorney versus the Advance Care Directive

A Power of Attorney only deals with legal and financial matters. as well as non-financial issues, you need an Advance Care Directive.

What is Probate?

Probate is the process of transferring property legal title from the decreased person to their heirs or beneficiaries

Canceling a Power of Attorney

To stop a POA you granted for another person, you should complete a revocation process. If you want to give up the power that you are given by the principal.

Do all wills need to go through probate?

The answer is YES if the heirs and beneficiaries wants to legally own properties and assets according to the will and NO if they do not care about legal recognition of what they inherit

What is a Power of Attorney?

The authorized agent can be subjected to full or limited legal power to make decisions about the principal’s property, finances or medical care.

What is a Power of Attorney?

The power of attorney is frequently used in the event of illness or disability, or when you can’t be present to sign necessary legal documents for financial transactions.

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Legal Insight

Probate, Will, Living Trust, Estate Planning

How to avoid probate?

It is possible to avoid probate entirely. In this article, discover some common approaches often carried out to enable asset distribution without probate process.