When you plan your estate, you work with an attorney to facilitate future asset transfers. This is at the core of the endeavor, but you should ideally see a comprehensive picture. Preparing assets for distribution after your passing is part of the equation, but you should also prepare for the contingencies that you may face toward the end of your life. Incapacity Planning People often become unable to handle all of their own affairs late in their lives. There are various different causes … [Read more...] about Why Do I Need a Power of Attorney?
A power of attorney is a legally binding device, and these documents are used for various different purposes in the legal field. If you execute a power of attorney, you are referred to as the principal or grantor. You name an agent or attorney-in-fact when you are creating the device. The agent is empowered to act on your behalf in a legally binding fashion. There are different types of powers of attorney, and we will explain them in this post. General Power of Attorney When you … [Read more...] about What Is the Difference Between a General and a Limited Power of Attorney?
Estate planning should be viewed as a comprehensive endeavor. Yes, you want to make sure that you facilitate efficient asset transfers after you pass away. At the same time, you should see a holistic picture and prepare for the eventualities that you may face toward the end of your life. Incapacity planning is an important part of the equation. Many people become incapacitated and unable to handle all of their own affairs when they reach an advanced age. People are living longer and longer … [Read more...] about What Is the Difference Between a Guardianship and a Power of Attorney?
In the legal field, a power of attorney can be used to give someone else the power to act on your behalf in a legally binding manner. These documents are used for a variety of different purposes. Estate planning attorneys often help clients create durable powers of attorney. These documents are used for incapacity planning purposes. In this post we will look at the details and examine the role of the agent. Choosing Your Own Representatives Incapacity is relatively common among people … [Read more...] about Who Can Act as an Agent Under a Power of Attorney?
Far too many people procrastinate when it comes to estate planning. Some older adults are remiss, but procrastination is more common among younger people. Unfortunately, people of all ages pass away every day. You never know what the future holds. If you are a young adult, you should certainly have an estate plan in place, especially if you have minor children. There is the matter of guardianship to consider. If both parents were to pass away together in an accident, who would care for the … [Read more...] about What Is a Guardianship?
A power of attorney is a legally binding device that is used to empower someone else to act on your behalf. When you create a power of attorney, you are called the grantor or principal. The individual that you name to act as your representative is called the agent or attorney-in-fact. Powers of attorney are used across the legal field for various different purposes. In the field of estate planning, they are typically used to account for the possibility of incapacity. Incapacity … [Read more...] about When Does a Power of Attorney Become Effective?
When you make a power of attorney you will select an agent, also called an attorney-in-fact who will represent your interests or make decisions on your behalf. Through the power of attorney document you create you will grant your attorney significant legal authority to make decisions for you. Because of this, you must approach the question of agent selection very carefully. Though you may have an idea of who you would like to serve as your attorney-in-fact, it’s always a good idea to … [Read more...] about Take Time When Choosing an Agent
Incapacity Planning in Minnesota: Essential Tools from Raymond German Your incapacity plan will need to be in place if you need health care but cannot communicate. Learn more about incapacity planning in Minnesota in this presentation. … [Read more...] about Incapacity Planning in Minnesota: Essential Tools
In this second discussion on incapacity planning in Minnesota and North Dakota, we're going to take a look at the specific protections your plan will afford you. Regardless of your age, health, or financial position, incapacity planning is something that all capable adults need to address as soon as possible. Topics covered in this report include: Protecting Medical Choices Financial Protections Appointing Representatives Incapacity Plans Begins When You Want it To Click here to … [Read more...] about Free Report: Incapacity Planning in North Dakota
Estate planning is one of those areas of the law that often requires people to ask themselves some difficult questions. Many of these questions surround our mortality, and require us to look ahead to the future and consider what will, and might, happen to us. When we look to the future we must consider the possibility that we might lose the capabilities we have today, and might do so with little or no warning. Today we are going to take a closer look at many of the essential concepts that … [Read more...] about Free Report: Incapacity Planning in North Dakota