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Do I need a power of attorney now?
You should create a Durable Power of Attorney now in order to be prepared for when you are no longer able to make your own decisions. A Durable Power of Attorney is a document that gives authority to another individual to carry on your financial affairs in the event you become disabled or incapacitated. Without a Durable Power of Attorney, it may be necessary for one of your loved ones, including your wife or adult child, to petition a court to be appointed guardian in order to make decisions for you when you are incapacitated.
Should I have a living trust?
The simple answer is, it depends on your situation. A trust can be a great tool to have if you have assets in your sole name without beneficiary designations or if you just want to avoid probate. Like a will, a living trust is a legal document that provides for the management and distribution of your assets after you pass away.
More information can also be found on the FAQ page of our website.