Without a proper Will and Powers of Attorney, however, you and your family could be hit with unexpected hassles if anything should happen to you. Powers of Attorney In a Power of Attorney, you give someone you trust the ability to make personal or financial decisions on your behalf if you become incapable. The unfortunate truth of life is that most people become incapable of fully managing their affairs a some point during their lives. Without the Power of Attorney, your spouse, child or other trusted friend may be unable to help you. Wills A Will determines who will manage your assets and how those assets will be distributed after you pass away.
Wills are useful and necessary documents for three reasons.
Without naming someone to act as your executor, your next of kin will have to make an application to court to be appointed. Without setting out fully how you wish your assets to be distributed on your death, your property may not be divided as you would have intended. Wills are an important part of estate planning and income tax planning.