A power of attorney is a document that you have probably heard about at some point in time. With a power of attorney, you give another individual the ability to enter into legally binding agreements for you. There are different types of powers of attorney that are used for various different purposes. One type is the general power of attorney. You would use this document to give the representative (who is called an agent or attorney-in-fact) the latitude to act for you in virtually every … [Read more...] about What Are the Advantages of a Durable Power of Attorney?
We do all kinds of things throughout our lives to protect ourselves from events that may or may not happen. This is what insurance is all about, and you can apply this principle when you are devising your long-term plan for aging and eventual death. It is natural to avoid subjects that are not very pleasant to consider. At the same time, you do not want your house to be flooded, but you probably do have flood insurance. With this in mind, let's look at the value of a durable power of attorney … [Read more...] about Should I Have a Durable Power of Attorney for Health Care?
When you are looking ahead toward your senior years, you probably think about the active retirement years that you have looked forward to all of your life. You should certainly plan ahead with these golden years in mind, but you should also consider the twilight years that may follow. Incapacity is not uncommon among people who have reached an advanced age. There are many causes of incapacity, but Alzheimer's disease is a leading culprit. If you were to become incapacitated and unable to make … [Read more...] about What Are the Disadvantages of a Guardianship?
The estate planning process involves the execution of various different legally binding documents. Everyone has heard of the legal device called the last will, but this is not the only type of will that is used in the field of estate planning. There is another type of will called a living will. A living will is an advance directive for health care. Doctors can sometimes keep people alive for extended periods of time through the utilization of artificial life sustaining measures. These would … [Read more...] about What Is a Living Will?
When you think about estate planning, you may assume that it is all about asset transfers. This is certainly an important part of the process, but there are other things to take into consideration. A well constructed estate plan will address end-of-life issues. Incapacity is relatively common among elder Americans. As a result, your estate plan should include an incapacity planning component. An incapacity plan will typically include legally binding documents called durable powers of … [Read more...] about What’s the Difference Between a Guardianship and a Power of Attorney?
You may look at estate planning as a purely financial endeavor, but this is only part of the process. People usually experience some sort of decline before passing away. It is important to consider these latter life eventualities when you are putting your estate plan in place. Incapacity Is Common When you are perfectly capable of handling your affairs on your own, you may find it difficult to envision a time when you may be incapable of making sound decisions. This is certainly … [Read more...] about Should I Have a Durable Power of Attorney?