Wills and power of attorney are two important legal documents that deal with different aspects of personal and financial affairs.

1. Wills:

   A will, also known as a last will and testament, is a legal document that outlines a person’s wishes regarding the distribution of their property and assets after their death. It allows individuals to specify how their assets should be distributed among their heirs, who should be appointed as guardians for minor children, and any other specific instructions they may have.

Key points about wills:

• Capacity: To create a will, a person must have legal capacity, meaning they must be of sound mind and be at least 18 years old.
• Formal requirements: Wills typically need to be in writing, signed by the testator (the person making the will) and witnessed by two or more individuals who are not beneficiaries or closely related to the testator.
• Executor: A will usually designates an executor, the person responsible for carrying out the instructions in the will and managing the estate’s administration.
• Probate: After the testator’s death, the will is submitted for probate, a legal process to validate the will and oversee the distribution of assets according to its provisions.
• Revocability: Wills are revocable during the testator’s lifetime, and individuals can update or change their wills as circumstances require.

2. Power of Attorney (POA):

   A power of attorney is a legal document that grants another person (known as the agent or attorney-in-fact) the authority to act on behalf of the person creating the POA (known as the principal). It allows the agent to make decisions and take actions on various matters, such as financial, legal, or healthcare-related, depending on the scope defined in the document.

Key points about power of attorney:

• Types: Powers of attorney can be general, granting broad powers, or limited/specific, conferring authority for specific matters or a particular period.
• Financial and healthcare POAs: There are different types of POAs, including a durable power of attorney for finances, granting authority over financial matters, and a healthcare power of attorney or healthcare proxy, granting authority over medical decisions.
• Capacity: Like creating a will, the principal must have legal capacity when executing a power of attorney.
• Revocability: Generally, a power of attorney remains in effect until the principal revokes it, becomes incapacitated (unless it’s a durable POA), or passes away.
• Agent responsibilities: The agent has a fiduciary duty to act in the best interest of the principal, keep accurate records, and avoid conflicts of interest.

It’s important to consult with a professional to understand the specific laws and requirements governing wills and powers of attorney, as they can vary.

We assist in drafting these documents to ensure they meet your needs and comply with applicable laws.