As our Ashland estate planning lawyers can explain to you the many benefits of a well executed power of attorney. Creating a power of attorney allows you to select the person you want to take control of and manage your property and affairs in case you become incapacitated in the future. This is one of many reasons a power of attorney is included as part of a comprehensive estate plan. Even if your incapacity is only temporary, a power of attorney can still be very useful. The thing to remember … [Read more...]
Video – Charlotte Estate Planning Attorney Discusses a General Power of Attorney
https://youtu.be/BWwoJ4tkZdQ Hello, my name is John Potter. I’m an estate planning and elder law attorney in Charlotte, NC. Today we’re going to talk about different types of property powers of attorney. For a variety of reasons, we have times when we need someone else to manage our affairs – whether we’re incapacitated due to illness or injury or just temporarily unable to handle certain decisions or actions. How Does a General Power of Attorney Work? With any power of attorney, you … [Read more...]
Powers of Attorney in Ashland: What Is the Difference Between a General and a Limited 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...]
Who Can Act as an Agent Under a 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...]
When Does a Power of Attorney Go Into Effect?
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...]
Durable Power of Attorney for Property in Charlotte: What Are Its Advantages?
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...]
Who Can Create a Power of Attorney in Charlotte NC?
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...]
How Revocable Living Trusts Provide Incapacity Planning
One of the most important benefits of revocable living trusts for you during your lifetime is incapacity planning. Incapacity (or disability) can occur at any time; and, it often arises unexpectedly. A stroke, car accident, or head injury can leave you unable to manage your day to day business affairs and financials. You Determine the Definition of Your Disability Your revocable living trust will define your disability so that it’s clear when authority passes from you to your named … [Read more...]
Why Do I Need a Health Care Power of Attorney?
Everyone age 18 or older needs a health care power of attorney. While you are able, you’ll continue to make all your own health care decisions. But, if there comes a time that you are unable to make your own health care decisions, then a trusted loved one will make those decisions for you. If you want to control who makes those decisions, you need a power of attorney for health care. Who should I name as my health care power of attorney agent? You should appoint someone who loves you, is … [Read more...]
Incapacity Planning: What Happens If I Can’t Make My Own Financial Decisions?
Estate planning involves incapacity planning so if you can’t make your own financial decisions in the future, a loved one or professional will step in and take over that responsibility. Incapacity planning will allow you to be properly prepared in case of an emergency. You never know when you may become incapacitated through a car accident, illness, or reaction to medication. Take the time to create a proper plan so that your financial affairs are always handled by someone you trust, even if … [Read more...]
