One of the advantages of being an adult is having the ability to make your own decisions, whether good or bad. Usually, we consult family members, friends, or professionals for guidance when making different types of decisions, from buying a car, to picking a healthcare provider, to managing our finances. Some of our loved ones need more help than others when making these types of decisions. The State of Wisconsin recently introduced Supported-Decision Making Agreements to empower people to make their own choices in an attempt to improve their quality of life.
One of the most common questions clients have is what is the difference between a financial Power of Attorney and a Last Will and Testament, and why do I need both. Both documents can be vital parts of an estate plan, as they serve separate purposes, so it is important to understand the difference between the two.