A study by the financial services research firm reveals just how big a problem family secrets can be, as reported in Financial Advisor’s recent article “Family Wealth Transfers Undermined by Secrecy.” Most asset holders plan to share their wishes and intentions with family members before they die. However, the research reveals only about half actually…
While more than half of Americans believe estate planning is essential, a mere 33% actually have a living trust or will. And one out of three respondents who don’t have a will reason that they don’t think they have sufficient assets to warrant estate planning.
A badly in debt woman dies leaving the proceeds of substantial insurance policies to her children only to have her trust contested by relatives who claim an amendment naming the children as beneficiaries is invalid with no witnesses, misspelled names, suspicious signatures and was never given to previous trustees for review as required by agreement. A long, expensive, and protracted legal battle likely is brewing.
The first step in understanding whether a power of attorney can transfer money to themselves is to understand the different types of power of attorney.