Adult Financial Literacy Guide | Page 37

Wills
Since your family is expanding , you may want to do the following :
Write or update your will : Your will decides who will inherit your property , become the guardian of your children , 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 you ’ re assets are divided .
You may also want to get information or advice on :
Naming a guardian so that plans are in place in case you and your spouse are unable to take care of your child . Make sure to discuss this with the guardian you choose .
Power of Attorney ( 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 .

Wills

Living Will : Also called an “ Advance Directive for Health Care ” or a “ Personal Declaration ”, it allows you to express your wishes about dying .
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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 such as a Power of Attorney , consult a lawyer to help you understand all of the implications , including the risks and benefits
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