A last will & testament is your declaration of how you would like your assets to be distributed among your heirs upon your passing. It can also designate a guardian for your children, if they are minors at the time the will is created.
When used in conjunction with a revocable living trust, a will can be a powerful instrument to ensure that your property is distributed according to your wishes. You must be at least 18 years old and of sound mind when signing your will, generally in the presence of at least two (2) witnesses and a notary public.
According to financial expert Suze Orman, "[a] living revocable trust serves as far more than just where assets are to go upon your death and it does that in an efficient way." A trust can help your family to avoid the probate process, preserves privacy of your assets, and eases the transition of your estate after your passing.
A revocable living trust does not replace a Last Will & Testament, but rather serves as a complementing instrument to direct the transfer of your assets upon your death.
A power of attorney is a document that gives authority to another person (the "agent") to act on your behalf (as the "principal") to make financial or healthcare decisions when you are unable to do so.
An appointed agent cannot change a will, make financial decisions following the principal's death, or transfer the appointed agent's powers to someone else. However, the powers of an appointed agent can be broad or narrow, depending on how the POA document is written.