One of the most important estate planning documents for all persons over the age of 18 to consider is a durable power of attorney.
If you don’t have a spouse or children, you might think you don’t need to do much estate planning. However, if you have any assets, familial connections, or interest in supporting charitable groups – not to mention a desire to control your own future – you do need to establish an estate plan.
There are good reasons why people want their estates to avoid probate, and a lot of ways to do it.
While the number of older Americans with wills has been dropping in recent years, that doesn’t mean you should forego this legal document.
The first step in getting your affairs in order is to gather up all your important personal, financial and legal information, so you can arrange it in a format that will benefit you now and your loved ones later.
To get power of attorney (POA), the person granting you that power must name you as the agent to have the powers specified in the POA document. It must be signed by the giver while s/he is sound of mind.
It’s hard for a family to recuperate when the patriarchs and matriarchs have gone to glory, leaving a battle for who will carry the family’s leadership role and manage the family’s transition of wealth.
It’s an important task that is easy to procrastinate. However, here is why you shouldn’t:
For those of us involved as care providers for someone having difficulty handling his/her own affairs, whether it’s a family member or not, requires that we have the legal authority to do what’s in that person’s best interest.
Who’s going to inherit on the death of one of the re-marrieds? Will this be the surviving spouse? If so, where will those inherited monies go on the second-to-die’s death?
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