The stipulations of estate planning law are of a great help to those who want to make sure that their assets are distributed equitably or administrated according to their wishes in case they become incapacitated or die. Here are some of the legal instruments you can use for settling different aspects related to assets’ administration and distribution in one of the above mentioned situations:
Power of attorney – Known as POA for short, it is a letter signed by the individual who plans their estate. The main purpose of this document is to appoint a person who sees that the wishes expressed in the same letter or in other document are respected accordingly. In most cases, the person in charge of the setlor’s affairs is an attorney specialized in estate planning. However, it can be anyone the author of the letter sees fit for this position.
Will – Also known under the more solemn name of “last will and testament”, it is the ultimate expression of how you want your fortune to be distributed after your death. A will usually contains a list with all the assets forming your estate. With its help, you can also appoint a guardian for children, grandchildren and other heirs who are not of legal age when you die. Unlike power of attorney and other estate planning law instruments, a will produces its effects only after the author’s death. Click this, for more information.