in the absence of anyone closer, relatives as distant as the children and grandchildren of an aunt or uncle may be entitled to some portion of a decedent’s estate. a will can also designate an executor or executrix who is charged with managing the estate by paying any debts and transferring the remaining assets of the estate to the beneficiaries. typically, a poa becomes effective the moment when both the principal signs it and the agent signs an “acknowledgment” of it.
accordingly, while a poa typically establishes a convenient, useful, and often necessary, way to take action for the benefit of the principal, it is of the utmost importance to select an agent under poa who will be readily available and who is reliable, honest and trustworthy. most commonly, these documents are used to clarify which treatments and procedures an individual does not want to receive when confined in a hospital with no realistic prospect of recovery. it is important to remember, however, that if an individual is awake and able to communicate, that his or her wishes always will supersede the directives of any written documents.
wills, trusts and power of attorney are legal vehicles (documents) used by an attorney to create an estate plan for individuals and families. a living trust is created to keep your information private and to protect property and assets held within your estate during your lifetime. when you pass, the assets in your trust are distributed in a time sensitive manner to your designated beneficiaries by your chosen representative (successor). almost every person you talk to knows that a person should have a will; also known as a “last will and testament.” it is a legal document that states your final wishes. the court, known as a “probate” court will get involved to make sure that your final wishes are carried out. the two big difference between a will and a trust are when they take effect after your death and the cost to create them. this in turn will save your beneficiaries both time and expenses.
the choice between creating a will and trust is up to you. power of attorney (poa) is often established when a senior of sound mind, can appoint a person to act on their behalf, giving that person the “powers” to make decisions on his or her behalf. it’s often a time of reflection and sadness. during this time, we encourage our clients (those still living) to remember to take care of themselves and others suffering from the loss. it is a moment for everyone to breath, avoid confrontation and give yourself time. if a will or trust is in place, the executor will be given instructions on the wishes of the deceased, which will assist in moving the estate forward. if you would like to find out more information on how we can help you and your family set up a will, trusts, or power of attorney, simply contact our offices to set up a meeting! at scott bloom law, we strive to provide excellent client service and will contact you as soon as possible.
a power of attorney (poa) is an incredibly important piece of your estate planning efforts. your poa allows you to appoint another person, it is almost always recommended that you create a will and power of attorney together. the power of attorney provides protection during your a power of attorney (“poa”) is a document by which one person (the “principal”) authorizes another person (the “agent”) to take various actions on the first, do spouses automatically have power of attorney?, who can override a power of attorney, do i need a will and power of attorney, do you need a lawyer to get a power of attorney.
do not expect your will to serve as a substitute for a power of attorney. a will designates the distribution of your property after death, while a poa is related to decisions made during your life. however, you can have a living will in addition to a healthcare poa. a power of attorney allows you to choose who will act for you and defines his or her authority and its limits, if any. in some instances, greater security a durable financial power of attorney allows you to give someone the ability to manage your finances, even if you become incapacitated. powers you can grant wills, trusts and power of attorney are legal vehicles (documents) used by an attorney to create an estate plan for individuals and families., how to get power of attorney for someone who is incapacitated, what does power of attorney allow me to do, power of attorney example, power of attorney example, what rights does a durable power of attorney have.
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