AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |
Back to Blog
Estate planning checklist form4/16/2024 Last Will and Testament (‘Will’) – A Last Will and Testament is the most common estate planning document, one which becomes effective following the estate owner’s death. Which one is chosen is often dependent on the size of the estate in question. It is not uncommon for those creating a Living Trust to also employ a pour-over will however, they can be used independently. Ī Last Will and Testament, and a Living Trust are two documents which fundamentally perform the same function (with a few significant differences) which is to divide one’s estate following their death. Signing Requirements – A power of attorney must be signed by the principal or an authorized representative, and the signature must be acknowledged before a notary public or two witnesses.Alternatively, the power of attorney can become effective only when the principal has lost decisional capacity. Within the document will be the option to make the power of attorney effective immediately following the execution of the power of attorney document. The agent’s ability to perform business transactions on the individual’s behalf will be determined by the type of financial powers they are granted within the power of attorney document.ĭurable (Financial) Power of Attorney – This legal instrument is the one used to elect a financial agent, a trustworthy individual selected to manage finances for the principal. ![]() If the Power of Attorney is durable, meaning it remains effective following the creator’s incapacitation, the agent may be instructed to manage the individual’s finances only when said individual is mentally unfit to do so themselves. Ī Financial Agent is a person selected to manage an individual’s finances and estate following the signing of a Financial Power of Attorney.
0 Comments
Read More
Leave a Reply. |