Final answer:
The correct answer is option a. Anthony's handwritten document detailing who should inherit his possessions is called a will. This type of document expresses how one wants their assets to be transferred upon their death, but its simplicity may lead to it being easily challenged in court. It's crucial for conveying the final wishes regarding asset distribution.
Step-by-step explanation:
Anthony has drafted a handwritten statement specifying who should inherit his possessions. The type of document he has written is known as a will. A will is a legal declaration by which a person, the testator, names one or more persons to manage his or her estate and provides for the transfer of his or her property at death. It can indeed be as simple as a handwritten document, which is sometimes referred to as a holographic will. However, the simplicity of a will can make it more susceptible to being challenged in court versus more formalized versions that might include witnesses or notarization.
Other documents that may come up in estate planning include a trust, which allows for a private transfer of assets, and a power of attorney, which authorizes someone to act on behalf of the person who created the power of attorney in certain legal or financial situations. Additionally, a living will, also known as an advance healthcare directive, outlines a person's wishes regarding medical treatments and interventions in the event that they are no longer able to express informed consent. It's important to note the differences between these estate planning tools as they serve distinct purposes.
When someone dies without a will or trust, they are considered to have died intestate, and their assets will be distributed according to state laws. Without a will, courts will decide the distribution of assets based on a predetermined formula, which might not align with the deceased person's wishes. Therefore, writing a will is essential for ensuring that one's wishes for asset distribution after death are respected and followed.
In Anthony's case, his handwritten directive specifying inheritance wishes is considered a will, which is the correct option in his final answer for the type of document he has created.