What Does Estate Plan Include?
A will is first. In essence, a will spells out who will get your stuff, in what proportions they will get it and in some instances at least, upon what conditions.
Do I Need to Update My Estate Plan?
Even though it is critical for your assets, family and legacy, estate planning tends to fall to the bottom of people’s to-do lists. What new parent wants to draft a will, while finalizing a nursery paint color?
What Not to Do when Creating an Estate Plan
Sometimes people attempt to make an estate plan online without consulting legal and financial professionals to avoid the higher cost. However, everyone’s situation is unique, and using a boilerplate estate plan can lead to mistakes.
Do You Need Power of Attorney If You Have a Joint Account?
As you know, a power of attorney (POA) allows another person, the Attorney-in-Fact (AIF), to conduct business on behalf of the principal. The POA authorizes the AIF to sign for and on behalf of the principal.
How Important Is a Power of Attorney?
With a Power of Attorney, you designate which individuals are in control of your assets and who can take care of your affairs, if you are unable to do so.
Should You Add Someone to Your Bank Account?
I know of someone who was joint account holder with his dad for many years, then later his dad then appointed him as power of attorney. How does that work? Is the son still a joint account holder?
What are Powers of Attorney and Advance Directives
Some people think that, because their assets are jointly owned with a spouse or are in a trust, they do not need a Power of Attorney, or that if they become incapacitated, their spouse automatically has the authority to make medical decisions on their behalf.
Can I Revoke a Power of Attorney?
You don’t actually appoint someone power of attorney (POA). A POA is a document that you execute that allows someone to act on your behalf.
Should You Get Medical Power of Attorney?
Ensuring that your wishes on your medical care are followed is up to you. Take action now while you’re well, or you could lose a say in the matter during a crucial time later.
Should You Update Your Will When You Move?
State-by-state differences in matters around taxes, inheritance, marital property and more make a thorough review imperative.
