A person’s Will is the document that, upon death, controls where your property goes. If you die without a Will then your estate is considered “Intestate.” Being Intestate means that the State, not you, decides how to distribute your property. Your Will also let’s people know who will be the guardian of under-age children. Your Will can set up protective trusts that will name a trustee and have your money dispersed to your children only at certain rates and ages through their lives.
DURABLE FINANCIAL POWER OF ATTORNEY:
The durable, or financial, power of attorney is a very powerful instrument that can allow another person to have control of your assets and access to any financial institutions with which you do business. This is a very important document to have as you get older as it gives you the peace of mind that someone (usually a spouse and/or child) will be able to pay your bills and take care of your finances if you are unable to take care of these things yourself. Make sure that you have an attorney who is experienced in drafting these documents since you are granting a great amount of power to someone.
LIVING WILL/ HEALTHCARE POWER OF ATTORNEY:
A Living Will is a document, signed by you, that states specifically what sort of medical procedures you would like undertaken and what procedures you do not want taken in the event that you become incapacitated, unable to make your own decisions, and there is not a reasonable chance that your condition will improve. Your Living Will names the person who can make these decisions for you. The Healthcare Power of Attorney names the person who will be your healthcare agent. The document re-iterates your wishes in your Living Will and can also add more specific details that your agent must follow.
ABOUT MR. FABIAN
Mr. Fabian is a member of the Pennsylvania and New Jersey Bars. He is a member of the Pennsylvania Bar Association and is on the Board of Directors of Lawyers Concerned for Lawyers.
Andrew Fabian Law LLC
255 W Uwchlan Ave
Downingtown PA 19335
office visits by appointment only