A Power of Attorney is among the most commonly 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, we will discuss the ability to make gifts in a Power of Attorney. What Is a Power of Attorney? A power of attorney, or POA, is a legal document … [Read more...]
Why You Need Incapacity Planning as Well as Estate Planning
When you’re healthy, it’s hard to imagine being unhealthy. But it happens; in fact, if you’re in your thirties or forties, you are three times more likely to become incapacitated in any one year than to die. Incapacity refers to the inability to provide informed consent for medical decisions; it also refers to the inability to manage your finances and make day-to-day personal business decisions. Incapacity can be caused by a car accident, work accident, medicine overdose, stroke, head … [Read more...]
New Year Resolution: Review Your Estate Plan (part 1 of 2)
As the New Year looms, many folks include among their resolutions creating or updating their estate plans. 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 … [Read more...]
Important Estate Planning Tools for the LGBTQ Community
Estate planning is important for everyone; however, it cam be even more important for members of the LGBTQ community. Because of the unique, and often varied, legal position that a partner has among the states, estate planning is of particular importance in order to ensure that your partner is provided for in the event of your death, and recognized in the event of your incapacity. While each situation is unique, consider incorporating the following tools into your estate plan: Last Will and … [Read more...]
Who Needs A Power of Attorney?
While almost anyone can create and use a power of attorney, not everyone needs to grant an agent to handle their affairs. However, you can always create a power of attorney that will take effect in the event it is needed. If you are a person in any of the following categories, you should talk to your estate planning attorney to create a power of attorney. Seniors. Aging often requires us to give others the ability to help us manage your affairs. Your estate plan should includedifferent … [Read more...]
5 Questions to Ask Yourself about Your Estate Plan
As you go through life, you need to make sure that you have a valid and comprehensive estate plan in place. An estate plan will allow you to live your life with less stress, and can ensure that your affairs are in order, no matter what. Take a look at the 5 questions below to ask yourself about your estate plan. Do you have a will or trust in place? If you’re just beginning your planning, you may not have a will or trust. These are fundamental planning tools. You can appoint a … [Read more...]
How to Choose Trustees, Guardians and Agents
Part of the task of estate planning or updating an estate plan is to select trusted persons or entities to fill the positions of trustees, guardians, power of attorney agents, health care agents and executors. In order to make good decisions, you need to know the ideal characteristics of each role. Trustee of trust for minors. The trustee of the trust for your minor children or grandchildren will likely be the same as your settlement trustee. If you have the children joining as a … [Read more...]
I’m Married; Why Would I Need a Power of Attorney?
Often, married couples sign each other’s names to checks, documents, and birthday cards. According to the old joke, “If he actually signed his name, the bank wouldn’t recognize it.” However, except for the birthday card forging, signing your spouse’s name is illegal. This means, even if you’re married, you need a power of attorney to authorize you and your spouse to sign each other’s names. A power of attorney is a legal document through which you authorize an agent (e.g., your spouse) to … [Read more...]
Plan for an Unexpected Disability
While most people hate to think about illness, disability and death, it is a part of life. When you are least expecting it, you or a loved on can become seriously ill. It is best to plan for these scenarios ahead of time. Consider the following: Who will take care of me when I become seriously ill? How will I be able to take care of my finances and pay my bills? Who will care for my children? Will I be able to afford an illness? Do I want to be on life support? Who will … [Read more...]
Incapacity Planning: Medical Issues
If you’re considering including incapacity planning in your estate plan (and you definitely should be), it’s important that you understand the use of the different available legal documents. A comprehensive estate plan will allow you to have the best plan in place so that your needs are always met. Did you know…? An advance health care directive is a document that allows you to spell out your wishes regarding end of life treatments and procedures. Many people use their advance health … [Read more...]
