Estate planning is not just about determining how your assets will be distributed after your death. It's also about making decisions for scenarios where you might be alive but unable to make choices for yourself. This is where a Durable Power of Attorney (DPOA) comes into play. Here's a look at why this document is so vital in the estate planning process. 1. Definition and Purpose: A Durable Power of Attorney is a legal document that allows you to appoint someone, often referred to as your … [Read more...] about Why a Durable Power of Attorney Matters
Powers of Attorney
Designating a power of attorney for healthcare decisions is an important aspect of estate planning that can ensure that your medical wishes are respected if you become unable to make decisions for yourself. A power of attorney for healthcare, also known as a healthcare proxy or advance health care directive, is a legal document that allows you to appoint someone to make healthcare decisions on your behalf if you become incapacitated or unable to communicate your wishes. When designating a … [Read more...] about Designating a Power of Attorney for Healthcare Decisions
With the New Year upon, consider as one of your resolutions creating or updating your estate plan. What is often not appreciated are the number of issues that should be considered and addressed in one's estate plan. It’s important to take time to handle these issues so that you’re protected throughout your lifetime as well as after you die. Many people don’t take the time to fully think about their individual estate planning needs. Take a look at the information below to better understand … [Read more...] about New Year Resolution: Review Your Estate Plan (part 1 of 2)
Question 1: What is the difference between an attorney at law and a power of attorney? An attorney at law is a person who is legally allowed to practice law, while a power of attorney is a legal document that any competent adult can create. Through a power of attorney you can select someone else, commonly referred to as an agent or attorney in fact, to have the legal authority to act on your behalf in a variety of capacities. If you hire an attorney at law, this person can represent your … [Read more...] about Attorneys at Law and Powers of Attorney – 3 Questions
While much of the advice and popular material available on estate planning is aimed at married couples or those who have reached retirement age and beyond, that doesn't mean that unmarried persons of every age don't need estate plans of their own. In fact, there are some situations in which a single person has a greater need for a good estate plan. If you are single and haven't begun the estate planning process, here are a couple of tips to help you get started on the path. Step 1: Develop a … [Read more...] about Estate Planning for Unmarried Persons
A Power of Attorney is among the most used of all estate planning documents. As such, there is a very good chance that you will execute, and/or be named as an Agent in, a Power of Attorney at some point. If so, it is imperative that you understand how the Agent’s ability to make gifts is treated in the document. To help you better understand, let's look into the ability to make gifts using a Power of Attorney. What Is a Power of Attorney? A power of attorney, or POA, is a legal document … [Read more...] about Can an Agent Make Gifts Using a Power of Attorney?
You’ve, likely, heard the term, “power of attorney.” Powers of attorney are legal documents used to authorize someone else to act on your behalf, in some sort of legal situation. There are financial, health care, real estate, and business powers of attorney. Financial powers of attorney are often called, “General Durable Power of Attorney.” “General” means that the document covers a myriad of situations, mainly financial and personal business oriented. “Durable” means that the power of … [Read more...] about What’s a Power of Attorney?
Everyone knows that an estate plan can ensure your chosen beneficiaries receive the right inheritance. But did you know there are other benefits too? Here’s five things a good estate plan can for you. Protect Against Disability – No, your estate plan can’t prevent disability from striking but it can certainly ensure that you and your estate are protected if it happens. Using an Advanced Health Care Directive and General Durable Power of Attorney can ensure that your medical wishes are … [Read more...] about Five Lesser Known Benefits of Good Estate Planning
If you’re like most people, you’ve heard the term, “living will,” but have some questions about it. What is a living will? Why do I need one? Is it the same as a will? What’s it all matter anyway? In general, the term "living will" refers to a document in which a person can set forth his or her wishes relating to future medical care, in particular, end-of-life care. It is different than a Last Will and Testament wherein you set forth your instructions for your estate following your … [Read more...] about What’s a Living Will?
Incapacity planning is an estate planning need that is often overlooked. Many people assume that they will never have a medical emergency, so they decide not to plan ahead. Take a look at the following information, to better understand incapacity planning. If you have any questions, or if you’d like to discuss your planning options, contact an experienced and qualified estate planning attorney. Staying in Control with Incapacity Planning Incapacity planning makes it possible for you to … [Read more...] about What Will You Do Without Incapacity Planning?