Every estate plan should have a power of attorney, in which you give one or more people authority to act as agents on your behalf, when you aren’t able to. Every estate planner and guide to estate planning will tell you that. What few will tell you is there are at least two important instances when the power of attorney (POA) won’t be recognized and followed.
While most initial meetings with an estate planning attorney will result in some questions you likely have never considered, there are many ways in which you can prepare for a thoughtful and productive estate planning conference that will result in a better understanding of your goals and more efficient use of time with your attorney.
Every estate plan should have a power of attorney, in which you give one or more people authority to act as agents on your behalf when you aren’t able to.
The difference between power of attorney and guardianship is a common question asked by adult children. Both roles share a duty to provide care and oversight of medical care and health.
Obviously, the first step is to work with your doctor to slow the progression. However, there are legal steps you need to take as quickly as possible.
Powers of attorney come in different forms, each suited for a specific purpose. They serve as useful tools in any estate-planning effort.
Has a family member or close friend asked you to serve as their executor, trustee or power of attorney? If you accepted the responsibility, do you know what this entails? Have you been given a copy of the documents you were named under? Do you know when you would begin serving in these roles? These are all important questions to ask or consider.
When do you need your estate plan to ‘go to work’ for you? While you may think the right answer is ‘after I die,’ the actual answer is ‘if I lose the ability to manage my own affairs.’
Do you expect your parents to leave you a financial legacy? Nearly half of working-age Americans assume that they will receive an inheritance that will support them later in life, according to a survey by financial services company HSBC. Perhaps the bigger question, though, is how to even approach this topic with your parents.
Many people focus on only protecting their estate from probate. However, in the big picture, probate is the least of their worries.
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