Powers of Attorney allow the principal to nominate another to conduct the everyday business of the principal as to negotiating checks, maintaining lawsuits, collecting debts, paying bills, depositing and withdrawing from accounts. Be aware that the Power of Attorney is not an infallible document. Some banks and other institutions will desire their own form, and if the Power is too old it may not be accepted. Conveyancers are particularly skeptical of the use of Powers of Attorney in order to transfer real property. Generally a conveyancer will require a deed or mortgage to be signed by the principal and will allow all other closing documents to be signed by the Attorney in fact.
Wills are the documents used to transfer property after death.
They can be as complex or simple as needed. They can be amended or changed until the individual loses testamentary capacity or dies. Trusts are documents which will hold property to be used by the Trustee for specific purposes, such as support, maintenance and education of children, maintenance of an incapacitated spouse, child, or other relative. Complex trusts provide a vehicle to shift assets for estate tax purposes. Estate Administration is the process by which the Will is offered for probate and the assets of the estate are distributed.