Financial Power of Attorney
If due to illness, accident or old age you become disabled and cannot manage your own finances, the Probate Court in the county in which you live has the power to appoint someone to control your finances. This someone may be your relative, an agency, or public administrator.
Solution: Sign a Durable Power of Attorney for Finances, also known as a FInancial Power of Attorney, and decide for yourself who you want to manage and control your finances should the time arise. Keep the Probate Court out of your business.
Medical Power of Attorney
If due to illness, accident, or old age, you become disabled and cannot make medical decisions for yourself, the Probate Court in the county in which you live has the power to appoint someone to make medical decisions for you as well as decisions about where you will live. This someone may be a relative or it may be an agency or public administrator.
Solution: Sign a Durable Power of Attorney for Healthcare, also known as a Medical Power of Attorney or Patient Advocate Designation. Decide for yourself who you want, should the time arise, to make decisions for you. Keep the Court out of your life.
Sign a Deed that Immediately Transfers Title at Death.
If you own a home and it is titled solely in your name, when you die the home must go through probate before passing to your heirs.
Solution: Sign a deed that transfers title to that home to your heirs immediately upon your death.
My question to everyone age 18 on up is “Do you have an estate plan?”
It is essential that you have certain legal documents in place. Here are a few important questions to ask yourselves, your parents, and your adult children.
1. Do you have a Durable Power of Attorney for Healthcare and one for Finance?
2. Do you have either a will or a trust?
3. Do you know what type of end-of-life care do you want? Do you have these wishes written down?
4. Are all of these documents current?
5. Do you know where you keep these documents?
6. Do you have an attorney or financial advisor?
If you have answered “No” to any of these questions or ask “What is an estate plan?”, please contact me. I will provide you with answers as well as information on how to protect yourself and your assets..