A Power of Attorney (POA) is a document that gives legal authorization for someone to act on your behalf. There are different types of powers of attorney, each of which you would want to use in different situations. There are three main types of power of attorney and together they are called the ‘Guardian Trio’. These are: (1) power of attorney for finances, (2) power of attorney for health care, and (3) power of attorney for living trusts. Power of Attorney for Finances There are … [Read more...] about What is a Power of Attorney?
Wills and Trusts
Estate Planning Tips for Blended Families
As the rate of divorce and remarriage has increased over the years, blended families have become the norm. One or both spouses may have children from previous marriages, creating a variety of living arrangements in the family home. And if you think that managing a blended family can be challenging to the typical family “routine”, imagine what it does to a typical estate plan. In fact, blended families can present some pretty unique challenges to the estate planning process, the most common … [Read more...] about Estate Planning Tips for Blended Families
5 Reasons to Update Your Estate Plan
Life is all about change and your estate plan needs to account for these changes as they occur. Below are five important reasons to make changes to your estate plan. Updating Your Guardians, Representatives or Trustees. When the lives of others change, it can affect the way your estate plan is carried out. For example, if your children are still minors (under the age of 18) and you have named your sister as their legal guardian upon your death, this might need to be changed if she moves … [Read more...] about 5 Reasons to Update Your Estate Plan