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?
Power of Attorney
Do I Surrender Control When I Create a Power of Attorney?
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?
Why Do I Need 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?
Free Report: What is the Difference Between a General and A Limited 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
What is a Power of Attorney in Indiana?
What is a Power of Attorney in Indiana? from Paul Kraft As the grantor of the power of attorney, you decide on the extent of the power you are granting. Learn more about Power of Attorney in Indiana in this presentation. … [Read more...] about What is a Power of Attorney in Indiana?
What Are the Disadvantages of a Power of Attorney?
A power of attorney is a legal document that you can use to give another person the ability to act on your behalf. It can be necessary to grant a power of attorney under some circumstances, but there is an inherent disadvantage that is readily self-evident. It can be disconcerting to allow someone else to act for you, but you are clearly going to name a representative that you trust implicitly. Plus, to protect yourself, you could grant a limited power of attorney. With a … [Read more...] about What Are the Disadvantages of a Power of Attorney?
Why Is a Living Trust Better Than a Power of Attorney?
People who start to scratch the surface with regard to estate planning often come away with some misconceptions because they have incomplete information. With this in mind, we will draw some distinctions between powers of attorney and living trusts in this blog post. Representation When you create a power of attorney, you are giving someone else the power to act on your behalf in a legally binding manner. In the field of estate planning, durable powers of attorney are used to … [Read more...] about Why Is a Living Trust Better Than a Power of Attorney?
When Does a Power of Attorney Terminate?
We will examine the matter of termination in this blog post, but before we get into that specific topic, we should explain why powers of attorney are relevant when you are planning your estate. Comprehensive Planning Most people look at estate planning from a purely financial perspective, but you should think comprehensively. When you plan your estate, you should also consider the issues that you may face toward the end of your life. When you look at the facts, you see that people are … [Read more...] about When Does a Power of Attorney Terminate?
When Does a Power of Attorney Become Effective?
When you create legally binding documents of any kind, you are taking action to accomplish a personal objective. The documents do not call the shots; you are using the documents to satisfy certain goals. With this in mind, we will explain some things about the legal device called the power of attorney. General vs. Limited Power of Attorney When you create a power of attorney, you have options. There are general powers of attorney, and there are limited powers of attorney. The person … [Read more...] about When Does a Power of Attorney Become Effective?
What Is the Difference Between a Guardianship and a Power of Attorney?
Estate planning involves planning ahead for the things that will take place after you pass away. While this is an important part of the process, you should also consider the eventualities of aging and the potential for a guardianship proceeding. Incapacity Among Seniors Clearly, this is not the most pleasant subject to consider, but incapacity looms as a very distinct possibility. The oldest segment of the population is growing faster than any other. Once you reach the age of 65, it … [Read more...] about What Is the Difference Between a Guardianship and a Power of Attorney?
