Why you need a will or power of attorney (and how do they fit into an estate plan)

Let’s face it—talking about wills and powers of attorney (POA) isn’t exactly the most thrilling dinner table topic. But stick with us! Creating these essential documents isn’t just about creating paperwork; it’s about making sure your family doesn’t have to guess what you would have wanted while juggling life’s curveballs. Plus, wouldn’t you rather call the shots even if you’re not around to say, “I told you so”?

A will and a power of attorney (POA) are both key components of a comprehensive estate plan, but they serve distinct purposes and address different aspects of planning for your future and your legacy.

Why bother with a will?

Imagine this: You just won the world’s biggest game of Monopoly. You’ve got Boardwalk, Park Place, and even a few houses to spare. Now, imagine someone flips the board because you didn’t say who gets to keep it all. That’s what happens when you don’t have a will. Without one, the government decides who gets your stuff, and let’s be honest, they aren’t exactly known for creativity.

• Decide who gets what (including that vintage record collection no one else appreciates).
• Pick an executor—basically, the boss of wrapping things up.
• Appoint guardians for your kids (so they don’t end up with Crazy Cousin Greg and his 12 ferrets).
• And what about a power of attorney (POA)?

• Financial POA: Someone to manage your bills, assets, and ensure the lights stay on.
• Health Care POA: This person makes medical decisions on your behalf. They basically hold the clipboard and say, “We know what they’d want.”
• When should you get started?

How about... right now? You don’t have to wait for a life-changing event. In fact, the best time to create these documents is when life feels steady. Major milestones like buying a house, having kids, or starting that taco food truck are also perfect moments.

Benefits of getting this done

• Keeps the peace – Clear instructions mean less family drama.
• Protects your assets – Ensure your hard-earned assets go exactly where you want them.
• Gives you a say – Even if you’re not physically there, you’re still running the show.

So, let’s ditch the idea that estate planning, including wills and POAs, are something for “later” or “older people.” It’s just good sense with a side of making life easier for the people you love. Plus, nothing says “I care” like ensuring no one’s stuck trying to decode your financial life. Start now, and thank yourself later!

Are you ready to get on track for your future?

Come in and speak to one of our advisors today.

Note The information contained in this article was obtained from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete. This material is for informational and educational purposes and it is not intended to provide specific advice including, without limitation, investment, financial, tax or similar matters. The views expressed are those of the author and not necessarily those of Aviso Wealth.

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