Only 44% of Americans have even a simple Will. We procrastinate for several reasons. Learn those reasons and how to push past them. Learn, briefly, why planning is important. Estate Planning is Too Important to Procrastinate … [Read more...]
Who Can Create a Power of Attorney?
Having a power of attorney included in your overall estate plan is often extremely helpful. A POA is a legal form that entrusts decision-making powers to someone for medical, financial, legal, and other purposes. You can have more than one power of attorney, each for a different aspect of your life. Almost anyone can create a power of attorney but care must be taken when deciding to sign one. In terms of who can execute a power of attorney the only requirements are that the principal (person … [Read more...]
How Does a Power of Attorney Terminate?
A power of attorney is an incredibly flexible and potentially useful estate planning tool. Understanding what one is, how it works, and how one terminates may help you decide whether including a power of attorney in your estate plan is right for you. A power of attorney is a legal document wherein you (the “Principal”) give another person (the “agent”) authority to act on your behalf in legal matters. The extent of the authority you convey on the agent is up to you. A general power or attorney … [Read more...]
Guardianship vs. Power of Attorney in St Louis Missouri
There may come a time when you need to have the legal authority to make important decisions for a spouse, family member, or loved one. While there are some decisions that a spouse may make as a matter of law, even the authority of a spouse is not always as clear as you may think it should be. If your relationship is only that of a family member or loved one you may find that the law does not allow you to make any decisions without a court order unless the possibility of incapacity was planned … [Read more...]
Powers of Attorney in St. Louis MO: General vs. Limited POA – Which One Do I Need?
At some point in your life you may be asked to sign a power of attorney, or POA. You may also decide that you need to create one for one reason or another. A POA can be a very useful estate planning tool when used properly; however, many unsuspecting victims are also swindled out of huge amounts of money and/or assets by executing a POA in favor of the wrong person or by signing one that gives someone too much authority. For this reason, it is important to understand a general vs. limited power … [Read more...]
Incapacity Planning in St Louis: Why A Living Trust Is Better than a Power of Attorney
When many people create a comprehensive estate plan they frequently include an incapacity plan as well. Although many people think of incapacity in terms of old age related dementia diseases the reality is that incapacity could strike tomorrow in the form of a tragic car accident or terminal illness. Just as there are a wide variety of estate planning tools and strategies there are also numerous different incapacity planning options. Among those options are a living trust and a power of … [Read more...]
What Is a Power of Attorney in St. Louis Missouri?
At some point in your life you will likely wish to appoint someone as your agent under a power of attorney. You may also be appointed as an agent in someone else's power of attorney. While you may have a basic understanding of what a power of attorney can accomplish it is best if you have a much more thorough understanding of the authority that can be granted under a power of attorney in St Louis Missouri, the different types of powers of attorney, and the limitations of a power of … [Read more...]
Think Twice Before Signing a Power of Attorney
A power of attorney, or POA, can be an extremely helpful legal document, which is one reason why it is so widely used. The ability to give another individual the authority to conduct business on your behalf comes in handy in many situations. A POA is an especially popular legal document for seniors; however, it is also often used to deceive and defraud those same people. If you have been asked to sign a POA by someone, the best thing you can do is to have your estate planning attorney review the … [Read more...]
If You Become Incapacitated, Who Will Manage Your Money?
Understandably, most people don’t want to think about the possibility of becoming incapacitated, particularly at a young age. It can happen, and if it does someone will have to manage your money. Whether or not you decide who will manage your money depends on whether or not you take the time to plan ahead. Many people make the mistake of assuming that a spouse, child or parent will be legally allowed access to their assets in the event of incapacity simply because of the relationship. This is … [Read more...]
The Danger of Using A Boilerplate Power of Attorney
The old adage “You get what you pay for” often applies when talking about legal advice or forms. While the temptation is great to search for legal forms on the internet in an attempt to save money and time, think twice before doing so. People often make the mistake of thinking that a power of attorney form is a relatively simple legal form and that using one found on the internet is harmless. The truth, however, is that a boilerplate power of attorney form can potentially do far more harm than … [Read more...]
