Guardianship can enter the picture when someone is incapable of handling his or her own affairs. A guardian can be appointed by the court to act on behalf of a ward. If you are the parent of a dependent child, you should consider the matter of guardianship when you are planning your estate. Who would care for your children if both parents were to pass away together in an accident? This question is even more pressing if you are a single parent. When you are creating your last will, you could … [Read more...] about When Would a Guardianship Become Necessary?
Before we discuss guardianship and powers of attorney, we should explain a bit about incapacity. Many seniors become incapacitated and unable to handle all of their own affairs late in their lives. There are a number of different causes of incapacity, but Alzheimer's disease is a major threat. Alzheimer's Is Widespread Alzheimer's disease strikes a very significant percentage of elder Americans. The Alzheimer's Association tells us that up to 45 percent of those over 85 are suffering from the … [Read more...] about What Is the Difference Between a Guardianship and a Power of Attorney?
Powers of attorney are used in the legal field for a variety of different purposes. Broadly speaking, a power of attorney is utilized to appoint someone else to act on your behalf in a legally binding manner. Types of Powers of Attorney in Ashland There are different types of powers of attorney in Ashland. One of them is the general power of attorney. General Power of Attorney The anatomy of a power of attorney is comprised of the grantor or principal, and the agent or attorney-in-fact. The … [Read more...] about Powers of Attorney in Ashland: What Is the Difference Between a General and a Limited Power of Attorney?
A power of attorney consists of the grantor or principal and the agent or attorney-in-fact. The grantor is the person who is granting the power of attorney. The agent or attorney-in-fact is the individual who is empowered to act on behalf of the grantor. Because the term attorney-in-fact is utilized, there are those that harbor a misconception. They are under the impression that you must be a lawyer to act as an agent. In fact, this is not the case. In this context the term attorney is used to … [Read more...] about Who Can Act as an Agent Under a Power of Attorney?
When you plan your estate, you arrange for the postmortem transfer of your monetary assets to your loved ones. This is certainly at the core of the endeavor, but you should also consider the period of time that may precede your death. Incapacity planning is important, because many people become unable to handle all of their own affairs late in their lives. If people close to you were to come to the conclusion that you could no longer make sound decisions, they could petition the court to … [Read more...] about What Are the Advantages and Disadvantages of an Adult Guardianship?
A power of attorney is a document that is used to give someone else the ability to make legally binding decisions on your behalf. The document is meant to serve your needs, and you can shape it to do just that. Incapacity Planning The type of power of attorney that is used for incapacity planning purposes is the durable power of attorney. This type of POA will remain active if you become incapacitated. When you have a durable power of attorney in place, your hand-picked representative will be … [Read more...] about When Does a Power of Attorney Go Into Effect?
Your first thoughts when the you think about the subject of estate planning are probably going to revolve around the transfer of monetary assets. This is certainly part of the process, but you should also consider contingencies that you may face during your twilight years. With this in mind, let's look at guardianship and conservatorship proceedings in Charlotte, North Carolina. Court-Appointed Representatives A guardian or conservator is someone who is appointed by a court to act on behalf of … [Read more...] about Incapacity Planning in Charlotte: What Is a Guardianship or Conservatorship?
When you are planning your estate in Charlotte North Carolina it would be wise to consider the period of time that people call the twilight years. During the years just prior to your death you may become unable to make sound financial and medical decisions. To prepare for this possibility you should at a minimum execute a legally binding document called a durable power of attorney for property. This could also be called a durable financial power of attorney. Avoiding Guardianship Proceedings The … [Read more...] about Durable Power of Attorney for Property in Charlotte: What Are Its Advantages?
A power of attorney is a legal device that is used to name someone else to take legally binding actions on your behalf. There are limited powers of attorney, and there are general powers of attorney. A general power of attorney is intended to give the agent or attorney-in-fact that you choose the ability to do anything that you can do for yourself without limitations. A limited power of attorney is just that; it gives the attorney-in-fact the ability to act on your behalf on a limited … [Read more...] about Who Can Create a Power of Attorney in Charlotte NC?
Unfortunately, dementia related diseases such as Alzheimer’s are increasing in frequency in America’s older population. Although doctors are searching for a cure, or at least a way to halt the progression of the disease, it may be years before we see one. At the present time an Alzheimer’s sufferer can expect to eventually lose the ability to control his or her own finances and daily tasks. Because of this, creating an incapacity plan is the only way to plan for the possibility of developing … [Read more...] about Incapacity Planning in Kentucky and Alzheimer’s Disease [Infographic]