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.
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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 like Power of Attorney, consult a lawyer to help you understand all of the risks and benefits

41Wills