02. Wills and Estates
Wills, Enduring Powers of Attorney and Personal Directives
Every adult should have a will, an enduring power of attorney, and a personal directive. In some jurisdictions, enduring powers of attorney and personal directives may be referred to as living wills. A will is an important document that assists with the following objectives:
providing for your loved ones, such as your spouse/partner and your children;
indicating who will look after your children if something happens to you;
indicating who will administer your estate after you have died; and
creating a trust for minor children or disabled relatives.
While the will provides for your loved ones if something happens to you, enduring powers of attorney and personal directives help to protect you in the event that you later suffer from a brain injury or dementia. With an enduring power of attorney, you can appoint a representative to handle your finances, and with a personal directive, you can express your medical wishes, and appoint a representative to deal with medical and other personal decisions.
When a person dies, the person dealing with the estate is often left to perform several tasks. Bills, taxes and other debts have to be paid. An inventory of the estate has to be completed. As well, the person administering the estate typically has to apply to the court for probate. At Weninger Zhang, we can assist an executor with the legal responsibilities of estate administration.