Sorry for repost. I had it under “Business, Economics, Personal Finance & Equity Markets” for a few days but had ZERO visibility there and No Responses.
Along with some Financial planning I am doing these days, I am also trying to prepare some legal documents.
I know I need the following
WILL
Living Will and/or;
Living Trust and/or;
“Last Will and Testament”
Whats the difference between the above three?
Power of Attorney
Durable Power of Attorney and/or;
Financial Power of Attorney and/or;
Medical Power of Attorney
Same question here… whats the difference among the above three?
Also, I am considering the following software/services to prepare the documents:
well ppl change their wills several times in their life.
sometimes ppl have their will, but no trustee...but some times the appoint people(s) and grant them nominal owner of property to be held or used for the benefit of one or more others, forming trust.
and last will is simply the will u write before dying.
Very smart to get these things in order! It can be confusing since laws (in USA anyway) vary from state to state but generally, your Last Will and Testament is a document that decides what to do with all of your properties and posessions and investments upon your death. The "Living Will" sets forth your choices regarding medical care in the case that you are too incapacitated to state them (ie., if you are in a vegetative state, do you want the machines turned off, if you are in a state such that you would need "heroic measures" such as breathing tubes and feeding tubes to keep you alive, do you want that to continue or do you want machines to be turned off) BE CAREFUL with this one! If you sign legal docs saying "DNR" (Do NOT resusitate) meaning shocking heart, providing breathing tube etc....then they cannot do either of these things even if you would be able to resume a normal life. So just be as specific as you can.
The Powers of attorney docs are to enable loved ones to write checks in your name and to act as yourself in financial matters if you become unable to take care of these things yourself. Medical powers of attorney allow loved ones to decide things like whether "heroic measures" should be taken.