Frequently Asked Questions (FAQs)
What is the difference between a will and a living will?
A last will and testament dictates how your financial assets and property are distributed after your death. A living will—or advance directive—has nothing to do with your property. It provides instructions for your medical care while you are still alive, specifically regarding end-of-life treatments and life support.
Does a power of attorney expire when I pass away?
Yes, absolutely. The authority granted by a power of attorney terminates the exact moment of your passing. Your financial agent cannot legally use a power of attorney to access your bank accounts or pay bills after you die. At that point, your last will and testament takes over, and your named executor assumes legal authority.
Can I appoint the same person for both my financial and medical power of attorney?
Yes, you can appoint the same individual for both roles. Many seniors choose their spouse or a highly trusted adult child to handle all decisions. However, you are not required to do so. You might find that one child is a brilliant accountant perfectly suited for financial decisions, while another is a registered nurse who is better equipped to handle complex medical terminology.
Do I need an attorney to make my documents legal?
Strictly speaking, no. You do not need a lawyer to make a legal document valid, provided you follow your state’s specific execution laws regarding witnesses and notarization. However, using an attorney drastically reduces the risk of errors, ambiguities, and future legal challenges to your estate.
How much does it cost to set up a basic estate plan?
Costs vary wildly depending on your location, the complexity of your assets, and the professional you hire. A simple will drafted by an attorney might cost a few hundred dollars, while a comprehensive estate plan featuring a revocable living trust, powers of attorney, and healthcare directives typically ranges from $1,500 to $3,500 or more. View this cost as an upfront investment; a well-crafted plan easily saves your estate tens of thousands of dollars in probate fees and legal battles later.
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