The process of estate planning should ideally be viewed from a comprehensive perspective. There are eventualities that you may face before you pass away, and this is something that you should take into consideration, because there are actions that you can take to prepare yourself. This is certainly not a very pleasant thing to contemplate, but the cold hard reality is that many people become incapacitated and unable to communicate before they pass away. During this interim, there can be … [Read more...] about Advance Directives Should Be Part of the Plan
Incapacity Planning
Comprehensive Planning for the Eventualities of Aging
Legal professionals often dedicate themselves to particular areas of focus. One of these specialties is the elder law arena. These attorneys help people who are concerned about the eventualities of aging. At the present time, there is an unprecedented aging of the population underway. This is due to the maturation of the baby boomer generation. As a result, many people have questions about the contingencies that they may face during their senior years. Elder law attorneys provide guidance and … [Read more...] about Comprehensive Planning for the Eventualities of Aging
What Questions Should I Ask an Estate Planning Attorney?
When you become an adult in your own right, you have a certain set of basic responsibilities. There are probably family members who depend on you, and you if you are like most people, you take your responsibilities to heart. You should definitely carry this perspective over to the realm of estate planning. Unfortunately, many otherwise responsible people are unprepared for an event that is definitely going to happen to all of us. When you devise your estate plan, you are not planning for your … [Read more...] about What Questions Should I Ask an Estate Planning Attorney?
Why Is a Living Trust Better Than a Power of Attorney?
Everyone is aware of the fact that you have to take care of things that will happen after you pass away when you plan your estate. At the same time, you should also think about the period of time that would logically precede your passing. People often become unable to make sound decisions at some point in time, with Alzheimer's disease being a leading culprit. Plus, there can be physical incapacitation that prohibits your ability to communicate decisions. To account for the possibility of … [Read more...] about Why Is a Living Trust Better Than a Power of Attorney?
What Are the Disadvantages of a Power of Attorney?
Incapacity planning is an essential piece of the puzzle when you are devising a long-term plan for aging. Many elders become unable to make sound decisions at some point in time, and you can account for this through the execution of a certain type of power of attorney. You are probably aware of the fact that a power of attorney is a legally binding document that can be used to give another person the power to act on your behalf. A standard power of attorney would no longer be in effect if the … [Read more...] about What Are the Disadvantages of a Power of Attorney?
Free Report: Preparing for California Incapacity: Part 2 of 2
When you create an incapacity plan you get to address these types of questions by appointing an agent under a durable financial power of attorney. A power of attorney is a document in which you can name an individual who will receive the legal ability to make decisions for you should you become incapacitated. The person you appoint will become known as your agent, or attorney in fact, and will be able to look after your affairs when you can no longer do so. Topics covered in this report … [Read more...] about Free Report: Preparing for California Incapacity: Part 2 of 2
Free Report: Estate Planning in California: Specific Issues
Incapacity planning includes specific tools such as durable powers of attorney. A durable power of attorney gives you the ability to mange someone, an agent, who will have the legal ability to begin managing your affairs immediately upon your incapacitation. Should you regain your ability to make choices, you can then relieve your agent of his or her responsibilities. Topics covered in this report include: Making Inheritance Choices Addressing Incapacity Trusting in Trusts … [Read more...] about Free Report: Estate Planning in California: Specific Issues
Who Can Act As an Agent Under a Power of Attorney?
You should consider possible incapacity when you are planning your estate. If you do nothing to prepare for this contingency, the state could ultimately appoint a conservator to manage your affairs if you do become incapacitated. On the other hand, you could proactively avoid this fate if you were to execute legal documents called durable powers of attorney. A durable power of attorney (POA) is used for incapacity planning purposes because this specific type of POA would remain in effect if the … [Read more...] about Who Can Act As an Agent Under a Power of Attorney?
When Does a Power of Attorney Become Effective?
A power of attorney (poa) is a document that most people have a general understanding of, but you may wonder why a POA would be relevant when you are planning your estate. A comprehensive estate plan will go beyond asset transfer vehicles. You also want to address the eventualities of aging. People are living longer and longer lives, and it becomes likely that you will live into your eighties if you are fortunate enough to reach the age of 65. The oldest segment of the population is growing … [Read more...] about When Does a Power of Attorney Become Effective?
How Does a Power of Attorney Terminate?
A legal document is something that you use to satisfy your own personal objectives. As a result, you generally control the outcome when you create a legal document such as a power of attorney. Anatomy of a Power of Attorney You are probably aware of the fact that a power of attorney is a legal device that is used to appoint someone to act on your behalf in a legally binding manner. In legal jargon, the person who creates the power of attorney is called the principal or grantor. The … [Read more...] about How Does a Power of Attorney Terminate?
