Like with a will, a power of attorney (POA) is an important part of an overall estate plan. A POA gives the person named (called an attorney) the power to make decisions on your behalf while you are still alive. You should appoint someone you have complete trust in as they could have control over your financial dealings.
When you pass away, will your wishes for all of your assets be granted? Everyone should have a will and power of attorney in place.
It's also a good idea to get life insurance to be sure your loved ones are taken care of in the event you pass away earlier than expected.
If you are new to Matchett Financial Services, we encourage you to book a free consultation with one of our experienced advisors to do estate planning and make sure everything is properly in place. We also have a list of lawyers we are happy to refer clients to if they haven't completed paperwork for their will or power of attorney yet, so please ask.
A will is a document that says how you want your estate to be divided once you pass away.
Your estate includes what you own (called "assets") and what you owe (called "liabilities"). An up-to-date will can help your Executor deal with your estate when you pass. An Executor is the person you choose to manage your estate after your death.