Everyone should have a Will regardless of how much or how little you have. A Will insures that your assets and belongings will go to family members or beneficiaries you designate.
If you have minor children, your Will can designate a guardian for them as well as, set up a trust for the assets you are leaving them.
If you do not have a Will, someone will have to be appointed by the Court to administer your Estate. The Court may not appoint who you would desire, and there will be additional costs incurred that would not be necessary if there were a Will.
Living Wills (Advanced Directives for Health Care)
If by reason of illness, accident, permanent loss of mental capacity or other reason you are not capable of deciding what medical treatments you want, who will make decisions.
A Living Will describes your desires and lets those who care about you and for you, how you want to be treated.
An Advance Directive or medical Power of Attorney can designate the person or persons whom you appoint to make those decisions in accordance with your wishes.
Power of Attorney
If you cannot manage your affairs on your own for any reason, you may authorize someone to act on your behalf. The authorization can be very specific, such as to sell a car for you, or very broad to permit anything you could do.
You can designate someone to be your attorney in fact only if you become disabled and unable to manage your own affairs, which ends when you are no longer disabled.
You can designate someone to manage your affairs for a fixed period of time such as if you were going to be out of the country for a period of time.
Your Will takes care of things upon your death and a Power of Attorney can take care of things while you are alive, but for whatever reason, are unable to do so yourself.