Adult Financial Literacy Guide | Page 41

Wills
Write or update your will . Your will decides who will inherit your property , and who will handle your financial affairs in the event of your death . If you don ' t have a will , the courts will decide who will become the guardian of your children and how your assets are divided .
You may also want to get information or advice on :
Power of Attorney or POA : A document that allows another person to make financial and legal decisions for you .
Representation Agreement : Like a Power of Attorney , but it is more complex because it is more detailed . It allows a person to make personal and health care decisions for you .
Living Will : Also called an “ Advance Directive for Health Care ” or a “ Personal Declaration ”, it allows you to express your wishes about dying .
FreeImages . com-Jennifer Marr
Estate Planning : Looks at ways to transfer assets to your loved ones outside of a will , without tax and other costs .
Although you can use a kit to write your own will , it ’ s a good idea to get help from a lawyer or notary public to make sure your will is legal .
Before signing any legal document like Power of Attorney , consult a lawyer to help you understand all of the risks and benefits

41Wills