People should have a will. A tradition will goes into effect after a person’s death to distribute assets and inheritances among your other wishes.
Trusts are typically designed to financially provide for a dependent. Trust come in many forms including lump sum payout or dividends throughout a person’s life or for a matter of time.
An attorney is typically appointed to the trust and protected the interest of all individuals involved.
Powers of Attorney give control over another person and can include minors. POAs come in many forms. Some are limited to a specific issue, like medical care or a vacation. Others are general that are wide-reaching for all of a person’s needs.
Generally, whole life insurance is more of an investment, while term life insurance is fee-based and ends if you stop paying those fees.
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