ESTATE PLANNING BASICS
Will (AKA last will and testament)- A legal document that communicates a person's final wishes pertaining to assets and dependents. A person's last will and testament outlines what to do with possessions, whether the deceased will leave them to another person, a group or donate them to charity, and what happens to other things he or she is responsible for, such as custody of dependents, and management of accounts and interests. Some states do allow for unusual wills, such as a holographic will, others do not. (Durable) Power of Attorney documents- This legal document allows another person, or persons, (the agent, or agents) to "step into your shoes", so to speak, if you (the "principal" in the document) are unable to take care of these activities and tasks yourself, due to a temporary or permanent disability.