Durable Power of Attorney and Health Care Directives
Navigating the world of estate planning can be daunting, especially when it comes to understanding the intricacies of the durable power of attorney. This article delves deep into the world of durable power of attorney, its types and its significance in health care and financial matters. By the end, you’ll be equipped with the knowledge to make informed decisions about your future and the well-being of your loved ones. What Is a Durable Power of Attorney? A durable power of attorney (DPOA) is a legal document that allows you to appoint someone you trust to make decisions on your behalf…
When to Update Your Will and Revocable Trust: 8 Reasons You May Need to Revisit Your Estate Plan
Updating your will is not just a one-time event. It’s an ongoing process that ensures your estate plan remains relevant and effective. In this article, we’ll delve into the times when you should update your last will and testament and the reasons that can make it necessary. Therefore, if you’re someone who can make a difference through charity or simply want to ensure that your estate planning documents are up-to-date, read on! Why Should You Update Your Will? Your will is a reflection of your wishes at a particular point in time. However, as life evolves, so might your desires…
What Is a Power of Attorney, Why It’s Essential and How It Works
A Power of Attorney (POA) is a pivotal legal tool that allows one individual to grant another the authority to act on their behalf. Whether you’re planning for the unforeseen future, managing intricate financial affairs, or ensuring that someone can make healthcare decisions for you if you become incapacitated, understanding the nuances of a POA is indispensable. This article dives deep into the realm of POAs, answering vital questions and illuminating its various types and applications. What Is a Power of Attorney (POA)? A power of attorney is a legal document that empowers one person, known as the principal, to…
Revocable Trusts can Help with Planning for Incapacity
While physical disabilities may not impact a client’s ability to manage their own assets, mental illnesses and age-related cognitive impairment can eventually lead to incapacitation and the inability to manage their own assets.
Estate Planning can Protect Beloved Pets
Estate planning, once limited to human beneficiaries, has now extended to include beloved pets in order to provide for their well-being after the owner’s death.
What Should I Know About a Trustee?
A trustee is a person or entity who’s appointed to manage assets held in trust on behalf of a third party. There are few formal restrictions on who can serve as a trustee.
Revocable Trusts Make Sense for Retirees
If you plan to pass assets through a will, just remember that most of the time, that will becomes public once the probate estate is closed. Therefore, if you left one of your children out, left your favorite a bit more or are just a private person, you may be better off with a trust.
Which Trust, Revocable or Irrevocable?
There are important differences between the two types of trusts, including the amount of control you’ll have over your assets.
Is a Power of Attorney Really Necessary?
A document usually included in an estate planning package is a financial power of attorney. What is a financial power of attorney?
How Can I Successfully Transfer My Business to My Children?
Whether planning as the predecessor or the next generation, having the right processes — and partners — in place will set up the transition for success.
