Legal Issues Wills, probate, joint property, estate taxes, selecting estate trustees/attorneys for property and personal care and other issues may appear somewhat intimidating at first. Fortunately, with a little guidance and preparation, dealing with such matters does not have to be so overwhelming. Planning ahead and revising your plan often will help avoid unnecessary grief and confusion in the end. ‘Estate Planning’ includes all of the following issues and documents. Wills A Last Will and Testament is one of the most important legal documents a person can create during his or her lifetime. If a person dies without a Will they are said to have died “intestate” and state laws will determine how and to whom the person’s assets will be distributed. If a person dies without a Will the beneficiaries can not dispute the court’s distribution of that person’s estate under the intestacy laws. Even if that person expressed different wishes verbally during their lifetime the statutes control the distribution. With a valid Will, a person can legally determine how their property will be distributed… and to whom. Most intestacy statutes distribute a deceased person’s assets between a surviving spouse and their children or to only the children if there is not a spouse. If there are no surviving children the assets then are generally distributed to extended family members.
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Powers Of Attorney Power of attorney (POA) is a legal document granting authority to a trusted person to act on your behalf. That individual, called an attorney in fact, is empowered to manage your financial, business and legal affairs. Power of attorney can be broad or limited to specific matters. Depending on the terms, that person could: • Pay bills • Manage banking and investments • Sign documents • Make business decisions • Sell property • Hire professional help Powers of attorney can be granted at any time if you are ready to turn over the reins, or it can be set up to “spring” at a future point if and when you can no longer manage your own affairs. A durable power of attorney means that the powers endure after incapacity until you either recover or pass away.
