Advanced Directive

Why Do I Need a Durable Power of Attorney?

Published on: July 10, 2019 | By McCulloch & Miller, PLLC

Having a durable power of attorney in place makes sense for some people. If you unexpectedly became ill or incapacitated, this would allow someone to take over your finances, including paying bills, checking on investments and managing the business side of your life.

A power of attorney is a legal document that lets an individual name another person or a financial institution to handle financial transactions for another person. The person who is given power of attorney, who becomes the individual’s “agent,” has a lot of responsibility, says WMUR’s recent article, “Why you need a financial durable power of attorney.” When there is no power of attorney in place, the spouse or family will need to go to court, before they can act on their loved one’s behalf.

Whether you’re young, elderly, single or married, it’s a good idea for everyone to have a power of attorney. For married couples, while your spouse can usually take care of the basic finances, many financial transactions require both spouses’ signatures. For those assets in your name only, your spouse will have no access.

Why Do I Need to Have Power of Attorney Forms?

Published on: January 8, 2019 | By McCulloch & Miller, PLLC

There are a number of different estate planning documents that are easily confused, including “Power of Attorney.” Let’s get a look at the different types of “Power of Attorney,” and what they do.

Of the estate planning documents, most people have heard of a will and some have a health care proxy. The Power of Attorney is effective while you are still living, and is also known as a “Durable Power of Attorney” because it is effective, or durable, even after you become incapacitated. Your will only becomes effective when you die.

The Times Herald says in the article “Powers of attorney good for life and beyond” that there are two general types of powers of attorney, one for financial matters and the other for health care matters. They shouldn’t be combined in a single document, because they have different legal requirements. Unless they say otherwise in the document, powers of attorney don’t expire until the creator does. However, there are a few powers in both financial and health care powers of attorney that can survive the person who created the document.

What is a Medical Directive, and Does It Expire?

Published on: December 21, 2018 | By McCulloch & Miller, PLLC

Don’t have a medical directive, or don’t remember the last time you reviewed it? That means it’s time. We never know when an emergency or sudden onset illness will strike.

The biggest problem with medical directives, is getting people to confront the concept of being incapacitated or near death. Once you get past the emotional response, then a clear head and rational thinking make taking care of these important documents easier. However, they have to be updated, just like your will.

Your medical directive sets out what kind of care you want, when you are near death. A health care power of attorney names a person who will be empowered to make medical decisions on your behalf, if you cannot. These are tough concepts to wrap your head around, but very necessary. Without them, family members and doctors won’t know what you want. However, is what you wanted at age 30, the same as what you want at age 80? Maybe not.

One Dozen Must-Have Documents

Published on: November 6, 2018 | By McCulloch & Miller, PLLC

To make sure that your wishes are carried out, you’ll have to do your homework. Make sure that you cover these most important documents.

The last thing you want to do, is leave a bureaucratic mess for your loved ones when you die. Not only will it cause the family stress during a difficult time, it could change how your family thinks of you. That should be more than enough reason to get this done in advance!

US News & World Report’s recent article, “12 Documents to Prepare Now for Your Heirs,” says that when people don't have their paperwork ready, it can be a huge headache for the family. A family can be left with all kinds of paperwork to sort out while dealing with grief. Even worse, heirs may forfeit life insurance proceeds and tax deductions or overlook accounts they don't know exist. That's why it's critical to have important documents ready for loved ones. Here are the documents you should start preparing right away:

If You Don’t Have a Will Yet, You Should Start Now

Published on: October 12, 2018 | By McCulloch & Miller, PLLC

It’s understood that everyone needs a will. However, many people put it off. Don’t be one of those people. Your family will remember, and it won’t be a happy memory!

Celebrities aren’t the only ones who fail to plan for their passing. The difference is, their failures can become instructive for the general public. If we don’t have a will, only our family will know how much time, expense and stress occurs because of a failure to plan.

Merrill Lynch and the consulting firm Age Wave found in their recent survey that about 50% of study participants age 50 and older didn’t have a will.

What Happens in Your World After You Die?

Published on: October 8, 2018 | By McCulloch & Miller, PLLC

We’re not talking about what happens to your soul, or if you are headed to a peaceful place, or even what happens to your physical remains. Have you thought about what happens to the world you leave, your family and friends and your possessions, after you die?

Let’s say you don’t believe in anything in particular. Or you’re deeply spiritual and believe that death will be a wonderous journey. Either way, you should devote time and energy to what happens right here on earth after you die, says Forbes in the article, “What Will Really Happen After You Depart?”

No, not just because it’s the right thing to do and not just because you’re curious. It’s because you want your family to remember you for the awesome legacy you plan on leaving, not because of the horrible hot mess you left behind that they spent three years trying to figure it out, while trying to live their lives.

What Goes into a Good Will?

Published on: April 23, 2018 | By McCulloch & Miller, PLLC

If you are an adult, you need a will. If you are a parent, you need a will that names guardians for your minor children. Anyone who is an adult, should have a will.

The core of an estate plan is a document known as a will, the legal document that tells your heirs and the court how you want your assets handled upon your death. If you don’t have a will and you die, decisions about the distribution of your possessions and property are made by a judge, who likely doesn’t know who you are, or what you might have wanted to happen to your assets. If you have minor children and have not had a will created, then a judge will also be the one making the decisions about your children. That’s probably not what you or your family want to have happen.

Health Day’s recent article, “Wills & Living Wills,” provides some general rules for writing a will:

How Estate Planning Protects Your Loved Ones

Published on: January 19, 2018 | By McCulloch & Miller, PLLC

Estate planning is not just for people who live in mansions. Quite the opposite! Everyone needs to have an estate plan to protect themselves while they are living and to protect loved ones when they pass.

Having an estate plan can eliminate confusion, expensive delays and overall bad outcomes, according to an article appearing in The Martha’s Vineyard Times, “Estate planning.” Think of it as a way to communicate your wishes and cushion your family during a really tough time.

Work with an experienced estate planning attorney. If you’re a couple, you each need to have your own will to say who gets your property following your death. In many instances, the spouses select each other.

Why “Regular Folks” Need an Estate Plan

Published on: May 26, 2017 | By McCulloch & Miller, PLLC

An estate plan does a lot more than distribute your assets among family members and organizations that share your values. It also protects you and your loved ones. That’s why everyone needs an estate plan, especially if you have minor children.

It’s amazing that some people still think they don’t need an estate plan. According to an article in Trust Advisor, “Why An Estate Plan Is Beneficial,” a small estate needs the protection that an estate plan can offer against unnecessary expenses and ensures that personal, financial and charitable goals will be fulfilled. There are four key reasons why everyone needs an estate plan:

Stipulating Care for Yourself. This includes a healthcare proxy, power of attorney and living will that states how you want to be cared for, if you become incapacitated.

Not If, But When: Make a Plan for Incapacity

Published on: December 1, 2016 | By McCulloch & Miller, PLLC

Incapacity might be harder for some people to imagine than death. They can’t wrap their thoughts around the idea of being alive yet unable to function.

Making decisions for how you want to be cared for while you are still able to choose, is a gift to yourself and your loved ones. If you are not able to convey how much intervention you want, or if you want no care at all, your children and medical professionals will have to make the decision for you. According to Barron’s in “Three End-of-Life Estate Plan Lessons,” not planning for incapacity creates a heartbreaking situation for your heirs and could also undo a great deal of your estate plan.

Let’s look at some important lessons about incapacity planning: