One of the most well-known, and often used, estate planning tools is a Power of Attorney. When properly drafted and utilized, a Power of Attorney makes a versatile and effective estate planning tool. The problem is that when not properly drafted and used, a Power of Attorney can do more harm than good. To help you better understand, a Grand Forks estate planning attorney at German Law Group explains how a Power of Attorney can go wrong. What Is a Power of Attorney? A power of attorney, or POA, … [Read more...] about How a Power of Attorney Can Go Wrong
Powers of Attorney
A power of attorney is, by far, one of the most commonly recognized and frequently used legal documents. A power of attorney can be a valuable addition to your comprehensive estate plan as well; however, it is not always the best option. If you have been asked to execute a power of attorney, or you are simply contemplating how one might fit into your estate plan, it is best to first consult with your North Dakota estate planning attorney. In the meantime, it may be helpful to gain a better … [Read more...] about When Is a Power of Attorney the Right Choice?
Given how often they are used, it is very likely that you will be a party to a power of attorney at some point in your life. Despite the frequency with which people use these legal documents, a surprising number of people do not really understand the extent of the power that can be granted in a power of attorney. Moreover, people often fail to understand the difference between the various types of power of attorneys. Before you execute one, or agree to act as an Agent under one executed by … [Read more...] about Understanding the Power behind a Power of Attorney
If you recognize the need to include incapacity planning in your overall estate plan you are ahead of the vast majority of people. Though people often fail to think about it, the reality is that incapacity can strike anyone at any time. Whether you suffer a temporary or permanent period of incapacity, someone will have to make healthcare decisions for you during the time you are unable to make them for yourself. Another estate planning mistake people frequently make is to execute a generic power … [Read more...] about Can a Power of Attorney Give Someone the Authority to Make Healthcare Decisions for Me?
Why Should I Have a Durable Power of Attorney in Minnesota? from Raymond German A comprehensive estate plan will address contingencies that you may face toward the end of your life. With a durable power of attorney, you empower someone to act on your behalf in the event of your incapacitation. Learn more about durable power of attorney in Minnesota in this presentation. … [Read more...] about Why Should I Have a Durable Power of Attorney in Minnesota?
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
Sometimes people come to an estate planning lawyer with questions about powers of attorney and wills that reveal a misunderstanding of how these important documents function. For example, some people ask why they need both. After all, since a power of attorney will allow you to name a representative, why do you need a will to name someone who will act as your executor? While these types of questions are understandable when asked by people who don’t have a background in the law, you need to … [Read more...] about You Need Both a Will and Power of Attorney
A power of attorney is one of the best estate planning tools available. Most people who create an estate plans will use two of these important documents, and sometimes more. Unfortunately, there are some people who have some decidedly mistaken perceptions and beliefs about what a power of attorney is, does, and does not do. Here are several of these power of attorney myths you should avoid. Power of Attorney Myth 1. Your agent will take advantage of you. Powers of attorney are documents. These … [Read more...] about Power of Attorney Myths
A properly drafted and executed power of attorney is one of the most versatile estate planning tools available today. Through powers of attorney you can give someone else the authority to represent you and your interests, and make important decisions on your behalf. But who needs a power of attorney? Do you only need one if you are old, a business owner, or are going on vacation? Does every estate plan need one or more of these documents? If you are beginning the estate planning process … [Read more...] about Do I Need a Power of Attorney? 4 Key Questions to Ask Yourself
A power of attorney, or POA, is an essential estate planning document. Almost every estate plan in North Dakota includes at least one, and usually more, powers of attorney. Through your POA you can delegate some of your decision-making rights to another person or organization. Usually, people choose to make at least one POA that gives financial decision-making authority, while another that gives medical decision-making authority. Yet a lot of people are uncomfortable with the idea of giving … [Read more...] about Don’t Worry About Losing Your Rights Under a POA