If you’re like most people, it hasn’t occurred to you that you need to update your financial power of attorney on a regular basis. Updates are required for a couple of reasons, but the main reason to update is to better ensure that your financial power of attorney is accepted when needed. “Old” powers of attorney are often refused. Sure, your agent could sue the refusing institution, but who wants to deal with that? It’s better to have an up-to-date power of attorney that will be … [Read more...] about You Need to Update Your Financial Power of Attorney
Likely, a Power of Appointment isn’t what You Think It is
Many people think that a power of appointment is a power of attorney; but, they are different estate planning concepts. In a power of attorney, the principal (i.e. you) authorizes an agent (i.e. trusted loved one) to act on your behalf when you are unable to act or it is inconvenient for you to act. Common types of powers of attorney are for health care, child care, and finances. On the other hand, a power of appointment allows a beneficiary to direct who receives the assets next. A general … [Read more...] about Likely, a Power of Appointment isn’t what You Think It is
If Your Child Is Turning 18
When your children turn 18 it is an exciting time for both them and you. This is when their lives as adults start; maybe they will be going off to college, starting a new job, or moving across country. Although a lot of parents feel a certain amount of sadness when children leave the nest, it is exciting to see the children you raised spread their wings and fly. During this exciting time for your family, there are still some important issues to consider that you may not have thought of. Because … [Read more...] about If Your Child Is Turning 18
I’ve Moved: Do I Need to Update My Estate Planning Documents?
If you’re like most people who have recently moved, you’re thinking about all the things you need to change and update. There are new bank accounts, new grocery store memberships, and, yes, new estate planning documents. Intra-state move If you’ve moved intra-state, meaning that you moved within the same state where your current estate planning documents were executed, it is prudent to update your estate plan if your current plan is more than three to five years old. This is also an … [Read more...] about I’ve Moved: Do I Need to Update My Estate Planning Documents?
Your Durable Power of Attorney – Will it Work When it is Needed
One of the most important elements of a solid estate plan is having a Durable Power of Attorney; this is a legal document you use to appoint someone of your choice to handle your financial and legal affairs if you are unable to. But not all institutions will accept these documents as valid, and you may not know ahead of time which institutions will honor your Power of Attorney and which ones won’t. The main reason that some banks and other types of institutions won’t honor a Power of Attorney … [Read more...] about Your Durable Power of Attorney – Will it Work When it is Needed
