What Estate Planning Documents Can Be Used To Carry Out My Wishes After My Death?
After a person dies, his assets will be distributed based upon beneficiary designations and documents such as a Will or Living Trust. Some married couples may have a Community Property Agreement. Probate of an estate may or may not be necessary. Beneficiary Designations (Or Payable-On-Death, Transfer On Death Designations) Investment accounts, IRAs, 401K accounts, annuities, and life insurance policies typically have beneficiary designations. Accounts are sometimes designated as Payable on Death (POD) or Transfer on Death (TOD). These designations take precedence over a Will. It is therefore very important to know what beneficiary designations have been made, and to keep ... [ CONTINUE READING ARTICLE ]
What Are The Essential Documents That I Need To Have In Place In Case I Become Incapacitated?
All adults should have a Durable General Power of Attorney (sometimes called a Durable Power of Attorney for Finances), a Durable Power of Attorney for Health Care Decisions, (sometimes called a Health Care Proxy) and an Advance Directive to Physicians (or Living Will). Some people should also have a POLST - Physician's Orders for Life Sustaining Treatment. Durable General Power Of Attorney This document, sometimes called a Durable Power of Attorney for Finances, names a person to handle your financial affairs if you are incapacitated. You are the "principal" and the person you name is the "attorney-in-fact" or "agent." In ... [ CONTINUE READING ARTICLE ]
Give Your Loved Ones Important Information about You
These days, it seems like everyone I know is interested in genealogy. In a recent post, we talked about creating a letter of instruction giving your loved ones the necessary information needed to handle your affairs. At the same time, why not write down the important information about you and your family that future generations would be interested in? Here is a suggested list, but feel free to add historical or personal information that you think others would want to know about you. My legal name Other names I have been known by Date of birth Social Security Number Place ... [ CONTINUE READING ARTICLE ]
Would My Case Be Right For A Facilitated Meeting Or Elder Mediation?
When clients call with a problem involving family conflict, they often don't believe that their situation could be helped by using a facilitated meeting or elder mediation. They might be wrong. Here are some examples of cases where a meeting or mediation could assist the parties to reach resolution: Conflict related to guardianship proceedings. This type of case might include allegations of improper care, neglect, financial abuse, or charges of undue influence. The dispute might involve whether a guardianship is the best option, or who should be appointed guardian. Conflict among family members over the care of a parent diagnosed ... [ CONTINUE READING ARTICLE ]
Why Should Parties Consider Elder Mediation?
If you are involved in a dispute over the care or assets of an elder individual, there are several factors to consider when deciding whether mediation might be an appropriate course of action for you. COST. Disputes involving elders often have several parties, and each may have their own attorney. Discovery and litigation costs can be prohibitive. Expenses can be minimized if mediation is scheduled early in the process. Henry David Thoreau said, “The cost of a thing is the amount of what I call life which is required to be exchanged for it, immediately or in the long ... [ CONTINUE READING ARTICLE ]
Why Everyone Over the Age of Eighteen Needs a Durable Power of Attorney
Recently, my family experienced firsthand why everyone over the age of eighteen needs a Durable Power of Attorney for Finances. Earlier this year, my twenty-two year old nephew was in a motorcycle accident. He spent about a month in the hospital, unconscious and on a ventilator. My sister, his mother, had asked him to sign a Durable Power of Attorney when he got the motorcycle. Because he had this document in place, she was able to pay his rent and other bills, work with the insurance company, and apply for disability for him while he was in the hospital. Thankfully, ... [ CONTINUE READING ARTICLE ]