Do I need a will?
Financial expert Jane Chatzky reviews and explains the important documents every adult should have prepared including a will, a living will, a healthcare proxy, and durable power of attorney.
Transcript
[MUSIC PLAYING] No one likes to think about death. But should you die, you want to make sure
the ones you love are taken care of financially. This is why a will is essential if you have other people
depending on your income, even if you're perfectly healthy right now. Use these four documents to get everything in order.
One, a will. Your will determines who gets your assets and if applicable the custody of your kids.
Two, a living will. A living will tells the hospital whether you want life support.
Three, a health care proxy. A health care proxy lets someone else make medical decisions
for you if you can't make them for yourself. And four, a durable power of attorney. A durable power of attorney lets someone else
make your financial decisions for you and manage your investments and pay your bills if you can't do those things yourself.
These four documents are the most important. But if your financial life is complicated, you may want to set up trusts to make sure your assets will
pass on to your heirs in a way that you're comfortable with and potentially help you avoid big estate taxes.
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