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 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?
When you relocate there are a lot of details to attend to, especially if your new home will be in another state. With so much to do it is easy to forget about your estate plan and how your move may affect it. If you intend to move to another state, you will want to update your estate plan after your move by contacting a local attorney experienced in estate planning law. Most of your estate planning documents will be valid in another state, but you could still run into some problems. If you own … [Read more...] about What to do With Your Estate Plan When You Relocate
Even if you have an estate plan that works great for you now, and will work equally as well when you or your spouse passes away, this same estate plan may not work well when it comes to the need for long-term care because at the time the plan was established, long-term care probably was not the main concern. The current economy has only exacerbated the problem of long-term care expenses. Many people have lost a great deal of money while others have even lost their jobs. These financial … [Read more...] about Will Your Estate Plan Work if You Need Long Term Care?