New Years Resolution Numbers 1, 2, and 3 - A Few Facts
about 'Wills, Powers of Attorney, and Living Wills'
In today's fast paced society, we rarely take time to think about things that are not of an imminent need. Furthermore, we are trying to capture 'peace of mind' by focusing on the positive. Death or disability is not a positive or optimistic topic. Many of us do not want to think about death, much less focus on it for a few moments.
As the New Year begins, one item that should be at the top of our 'to do lists' is to create some 'peace of mind' for ourselves and our families. This can be achieved by having the necessary documents prepared that will take care of our loved ones should something unexpectedly happen to you.
There are three basic documents every person needs if they want to make sure their wishes are carried out should something happen to them. These documents are a Will, Power of Attorney, and Living Will. Many of us do not think about these items because we feel we do not need them, we feel they are just for the 'rich,' or we just do not know much about them.
Wills
The primary reason for making a Will is to leave your property to those you care about, and in the proportions you choose. If you have minor children, the most important aspect of a Will is to appoint who you want to be their guardian if you were to pass away. A Will is particularly important if you have any disabled children or a child with special needs. A Will can also provide for any charities, allow you to leave a legacy, or protect your assets before you pass away.
At a minimum, your Will should appoint a guardian if you have minor children, appoint an executor to administer your Estate, and spell out specifically how you want your property distributed.
Powers of Attorney
The importance of having a Power of Attorney is simple. If you and your spouse own your home, and one of you becomes incapacitated, it could become extremely difficult to sell your house due to either of your inability to authorize the sale. A legal Power of Attorney is a tool that can be used to give someone full or limited rights to make decisions or perform certain acts in your place. In essence, it gives authority to an agent to handle your affairs for you. This is used to cover situations where you are unable to handle your own affairs, either as a result of your incapacity or absence. A Power of Attorney can also be used to allow family members or your designated representative the power to write checks, pay bills, sell real estate or assets, make inquiries into certain accounts, close accounts, and invest.
Living Wills
A Living Will is direction to another party that you do not want your life maintained by artificial means if you are terminal or permanently unconscious and cannot make the decision yourself. It is not a legally binding document, but it does make your wishes known so your designee(s) can make a decision.
Located on Route 19 in Warrendale, Pennsylvania, the attorneys at Richards & Richards, LLP have been providing families throughout western Pennsylvania assistance with their estate planning and administration and real estate transactions for three generations. If you need estate planning in the Pittsburgh area, we can provide a free confidential consultation and make arrangements to visit you at your home, place of business, or anywhere else convenient to you.
John T. Richards, Jr, Esquire
John T. Richards, III, Esquire
Veronica A. Richards, Esquire
Jean A. Manifesto, Esquire
Jennifer Rea Abel, Esquire
