Incapacity

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.

Spotlight on Abuse of Elderly through Guardianship a National Issue

Published on: November 14, 2017 | By McCulloch & Miller, PLLC

It sounds like a nightmare scenario, and for many elderly, it is a reality: a court appoints a guardian and they lose the ability to make decisions about their assets and their lives, often with no advance warning.

An article in Reuters reports on a journalist’s investigation that revealed a case where a private guardian was appointed by a court in Nevada and got a court order making her guardian of a couple who had an adult daughter. With no advance notice to the couple or their daughter, the guardian sold all of their assets and got them admitted to a nursing home.

Reuters’ article, “With U.S. elder abuse in spotlight, a look at guardians,” reports that the abuses of private-guardian systems in some states have been known by policy and legal experts for years.

A Legacy of Service Will Continue Now that Estate Battle is Settled

Published on: May 24, 2017 | By McCulloch & Miller, PLLC

At last, a happy ending for the estate of the late Veronica Shoemaker, a community activist who made service the heart of her life and business.

With the conclusion of the estate battle, Mattie Young, the daughter of the late Veronica Shoemaker, will now be able to keep her mother’s flower shop open and maintain her mother’s legacy of community service. Shoemaker devoted many years of her life to serving the Fort Myer’s community and Young was faced with a contested will struggle that threatened her ability to keep the shop open.

The Fort Meyers news-press.com reported on this saga in “Shoemaker estate issue settled; florist shop stays open.” Apparently, family members reached an agreement that assured Mattie would continue to run the Veronica S. Shoemaker Florist Shop in the Dunbar community its founder served for decades.

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.

Important Documents For Houston Families: Before Dementia Strikes

Published on: March 18, 2015 | By McCulloch & Miller, PLLC

Accounting for the possibility of your own and your loved one’s eventual mental incapacity is a key part of any estate plan. If your loved one appears to be showing signs of diminishing mental acuity, ask if he or she has the proper documents in place. If so, find out who his or her agent(s) are so that you can alert them.

What if you or a loved one develops dementia? If you didn’t have the mental capacity to take care of yourself or your finances at some point, what would happen? You need to be prepared.

A recent articlein Physician’s Monthly Digest, titled “Dealing With a Loved One’s Cognitive Decline Is Simpler with Right Legal Documents in Place,”says that a healthcare proxy and a durable power of attorney are key legal documents to have before there are any signs of mental incapacitation. The documents allow you to designate another person to make medical and financial decisions on your behalf once you are unable to do so. This can be your spouse, an adult child, a friend, or a trusted adviser. Without a power of attorney, your spouse will need a court order to access any non-joint accounts that you have.