Although every estate plan is as unique as the individual who creates the plan, there are some common documents that tend to be found in the average estate plan. A power of attorney is one of those. You probably have some idea what a power of attorney is and how one works; however, do you know what a “durable” power of attorney is, and do you need to include one in your estate plan? The Indianapolis estate planning attorneys at Frank & Kraft explain a “durable” power of attorney and discuss … [Read more...] about Do I Need a “Durable” Power of Attorney?
Power of Attorney
A Power of Attorney (POA) can help accomplish such a wide range of estate planning goals that you will likely include one in your plan at some point. Unfortunately, the familiar nature of POAs means that they are also frequently misunderstood, misused, and abused. Executing the wrong type of Power of Attorney can be a costly mistake. To help prevent you from making a mistake, the Indianapolis estate planning attorneys at Frank & Kraft help you to understand your Power of … [Read more...] about Understanding Your Power of Attorney
Simply put, there are many types of powers of attorney. With this in mind, it’s imperative that you know what type of legal document you can create as you go through the estate planning process. If you believe there is only one type of power of attorney, if you don’t take the time to learn more about your other options, you’ll soon realize that you need to double back and make some changes. With the help of your estate planning attorney, sit down and learn more about the many types of … [Read more...] about Compare the Many Types of Powers of Attorney
Most people go through life without ever considering the possibility that they might one day lose the ability to make even the simplest financial or medical decisions. Even many of those who do bother to make out a Last Will and Testament often neglect incapacity planning. The fact is that most of us either don’t believe that such things will ever happen to us or put off planning for it until it’s far too late. That can have disastrous consequences - not only for our own well-being, but for that … [Read more...] about The Power of Attorney: Your Best Incapacity Protection
If you’ve ever had a family member who suffered from Alzheimer’s diseases or some other form of dementia – or have had someone you love suddenly incapacitated due to other illness or injury, then you are probably already familiar with just how difficult those situations can be. In addition to the stress and worry that incapacitation causes for loved ones, there are also issues related to how an incapacitated individual’s financial and health care decisions are to be made. It is important to … [Read more...] about The Importance of Power of Attorney for Indianapolis Residents
A truly well constructed estate plan will include an incapacity planning component. While incapacity planning can seem like something that is not really important, in fact, a very significant percentage of elders become unable to handle all of their own affairs at some point in time. When you look at the statistics, you can see that people are living longer and longer lives. The Social Security Administration website has a life expectancy calculator that you can use when you are planning … [Read more...] about Does an Indiana Power of Attorney Take Effect Immediately?
A living trust is a versatile estate planning device that many people decide to utilize when they understand the hassles and limitations that go along with the creation of a last will. What are these drawbacks? For one, a will must be admitted to probate. This is a legal process, and the heirs to the estate do not receive their inheritances while the estate is being probated by the court. Depending on the circumstances, this can be a long wait. Some cases take longer, but a best case … [Read more...] about Do You Need a Power of Attorney If You Have a Living Trust?
You are probably aware of the fact that a power of attorney is a legal document that you could use to give someone else the power to make decisions on your behalf that would be legally binding. There are various different reasons why you may want to use a power of attorney when you are fully capable of handling your own affairs. For example, you may be out of the country on business for an extended period of time, and you may give an associate the power to enter into certain business … [Read more...] about Do I Surrender Control When I Create a Power of Attorney?
A power of attorney is a legal device that you would use to empower an agent or attorney-in-fact to act on your behalf in a legally binding manner. There are various different reasons why you may want to grant this power, but a specific type of power of attorney is used to account for incapacity. We specialize in estate planning and elder law matters, and incapacity planning is an important part of the equation. People often become unable to make sound decisions on their own at some point in … [Read more...] about Why Do I Need a Power of Attorney?
For one reason or another, you may be in a position where you cannot take care of your affairs in person. Under these circumstances, you may need someone to act for you in a comprehensive manner. If you are in this situation, you could grant a general power of attorney. The person that you would name to act on your behalf is called the agent or attorney-in-fact. Don't be fooled by the term attorney-in-fact. Any adult who is mentally competent can act as the attorney-in-fact. You do not have to … [Read more...] about Free Report: What is the Difference Between a General and A Limited Power of Attorney