Power of Attorney

A Rose is a Rose–But One Power of Attorney is not The Same as Another

Published on: September 7, 2016 | By McCulloch & Miller, PLLC

It's best to know the difference between different types of Powers of Attorney before you need one, or more, of these important documents.

It may be more fun to chat about exotic vacation getaways, but you will be better prepared for eventual situations if you have a basic understanding of the different types of estate planning documents. According to NJ 101.5, in “Understanding power of attorney documents,” this will also help make sure that your own wishes are carried out if you are not able to speak for yourself.

A power of attorney (POA) is a legal document that’s used to give a trusted friend or family member (known as the attorney-in-fact or agent) the authority to act on your behalf on financial or legal matters. You can specify the scope of powers, which can be very broad or limited.

Make Sure Your Divorce Degree Aligns with Your Estate Plan and Vice Versa

Published on: September 6, 2016 | By McCulloch & Miller, PLLC

Forget to make these changes and your heirs may never forgive you. Forget to align these documents, and your estate planning attorney will never forget you.

Once the process of legally ending your marriage begins, you will need to make sure that your own interests are protected and that includes updating your estate plan to reflect this big life change. While some things may remain the same, like leaving your children certain assets, be assured that pretty much everything else will change, according to Forbes’ article, “The First Thing You Must Do When Your Divorce Is Final.”

Once your divorce is final, that is, the divorce decree has been approved by a judge, and a judgment rendered, contact your estate attorney and begin to review and revise the following legal and estate planning documents:

Why Your Power of Attorney Document is Not a Slam Dunk

Published on: June 29, 2016 | By McCulloch & Miller, PLLC

If a financial institution does not accept a properly prepared power of attorney, you will have to know your rights and be prepared to assert yourself.

A power of attorney is an estate planning basic; however, more often than you would expect, people find themselves being told by financial institutions that they will not accept the power of attorney. It’s such a problem that a number of states have enacted laws to protect the power of attorney.

This form gives a designated person the authority to act on another’s behalf when making financial decisions. It is commonly employed by adult children whose aging parents can no longer act on their own. However, financial institutions frequently make it difficult to exercise that power. The Wall Street Journal article, “When the Power of Attorney Lacks Power,” lists some steps to avoid potential problems.

Executor 101: What You’ll Need to Know as an Executor

Published on: June 24, 2016 | By McCulloch & Miller, PLLC

A lot of details go into being an executor, and some people find it a thankless task. But knowing that you helped someone you love carry out his or her last wishes holds its own reward.

Most people are honored when they learn that they have been named executor of a loved one's estate. But according to an article in US News, "4 Tips to Be a Better Executor," they don't really understand what duties and responsibilities are involved.

An executor must deal with the estate of a deceased person—including identifying and valuing the assets, paying debts, and disbursing the assets according to the decedent's will. He or she also needs to ensure that the assets are protected during this period.

When Power of Attorney Forms Are Refused

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

This is one of those problems that you think you've solved, only to discover that the problem still exists. The best workaround we can think of: overdoing due diligence, well in advance.

When you took the necessary and advisable step to have a parent or other relative sign a durable power of attorney, you might have felt relieved, secure in the knowledge that you were now prepared and protected to handle their finances if they become incapacitated.

However, The New York Times explains in “Finding Out Your Power of Attorney Is Powerless” that when you take the witnessed and notarized document to a financial institution, the officials there may not accept the documents. They may not honor your power of attorney and may insist that the account owners sign the institution’s own power of attorney form.