Articles Tagged with Power of Attorney

6a019b003fe4d5970b025d9b3dd866200c-600wi-300x200For many Houstonians, the fear of the unknown health, social, economic, and financial challenges related to the COVID-19 pandemic are prompting intense concern and anxiety. If you are self-isolating or quarantining at home, you probably are already creating your new “normal” schedules, researching online resources, and creating ways to find comfort for yourself and your family.

Experts have suggested that in addition to movie marathons and being on social media, the time at home can be used to accomplish those things that you have been putting off, like spring cleaning and taxes. We suggest that now is a good time to revisit your estate planning goals. Now, more than ever, we’re experiencing the magnitude of just how essential planning for your future is. While most of these Coronavirus events are out of our control, we CAN plan for how important decisions about our estate and our health will be dealt with in the case of the unexpected.  As experienced Houston estate planning and elder law attorneys, all too often we see the dangers and unexpected consequences of not planning.

The bare bones of an estate plan start with a Will. Every adult needs a last will and testament, drafted by an experienced attorney, that will guide your executor to distribute your assets as YOU want them. The next minimum requirement for pre-planning are your powers of attorneys. If you become incapacitated or disabled, your financial (durable) and medical powers of attorneys can empower the right people to legally act for you, make transactions, consent to treatment, and potentially save time, money and even your life.

2.27.20It's never too early to start estate planning. If you already have a family, getting your personal affairs in order is a must. The sooner you start planning, the more prepared you will be for life's unexpected twists and turns.

Estate planning is a crucial process for everyone, no matter what assets you have now. If you want your family to be able to deal with your affairs, debts included, drafting an estate plan is critical, says Wealth Advisor’s recent article entitled “Estate planning for those 40 and under.”

If you have young children, or other dependents, planning is vitally important. The less you have, the more important your plan is, so it can provide as long as possible and in the best way for those most important to you. You can’t afford to make a mistake.

12.4.19It’s easy to focus most of the estate planning attention on the will and distribution of assets. However, a power of attorney is often as important as a will.

Naming a person to take on the role of Power of Attorney is not easy. For some families, it can hang up the entire estate planning process.

Forbes’ article, “9 Things You Need To Know About Power Of Attorney,” reminds us that it’s an important decision and not one that should be taken lightly. Let’s look at what you need to know to get your POA right.

11.27.19Estate planning is even more important for individuals and couples without children. Without an estate plan, your assets may go to long-lost relatives you’ve never met. You also need to plan for incapacity, especially if there are no living relatives.

While your legacy may be different if you don’t have children, you still need to have an estate plan.

Motley Fool’s article, “5 Estate-Planning Tips for Child-Free Couples,” suggests that you may want to leave some of your money to friends, family members, charitable organizations, or your college. No matter the beneficiaries you choose, these estate planning tips are vital for childless couples.

11.6.19Leaving the workplace behind and heading into retirement can be as much an emotional transition, as it is financial. The prospect of fulfilling dreams long deferred, while recognizing a milestone of aging can take time to work through. At the same time, there are time-sensitive tasks that need doing.

During this process, which is easier for some than others, it’s very important to tend to financial and legal matters in estate planning, reports Forbes in a recent article, “Retirement, Estate Planning: Documents You Should Have.”

Putting together a well thought out financial plan and creating an estate plan lets you be certain that personal, financial, and health wishes will be carried out the way you want. Managing your estate, regardless of the size, starts with working with an experienced estate planning attorney who will help give you greater control, privacy and security of your legacy. Here are the documents you need to get started:

11.4.19The durable power of attorney is a means of naming a person who can represent another in all legal and financial matters, while they are alive and well, as well as when they are incapacitated. It is a legal document that needs careful consideration.

The power of attorney gives a representative or an agent the legal right to conduct financial affairs for another individual. A healthcare power of attorney gives an agent the ability to make medical decisions for another person. Both can be crafted by an estate planning attorney to give complete and wide-ranging decision making powers, or to be more targeted.

The Aitken (SC) Standard’s recent article, “The durable power of attorney,” explains that there are three different types of powers of attorney: nondurable, springing and durable.

9.1.16In many families, it’s easier to figure out the ‘who gets what’ part of an estate plan than it is to decide which person should be power of attorney. Which adult child can handle finances, which one is better with decisions during a crisis?

Making the decision about which family member will take on the responsibility of power of attorney may be a little easier, if you have a clear understanding of what the role entails. Your estate planning attorney has seen every possible family dynamic and will be able to help you work through this decision.

Considerable’s recent article, “How to assign power of attorney without sparking a family feud,” gives us some idea how the power of attorney can work within a family and among siblings.

8.16.16We hope to enjoy out golden years, relaxing after decades of working and raising children. However, as we age, the likelihood of experiencing health issue increase. That includes Alzheimer’s disease and other forms of dementia.

Learning that a loved one has Alzheimer’s or other diseases that require a great deal of health care is devastating to the individual and their families. The progressive nature of these diseases means that while the person doesn’t need intensive health care yet, eventually they will. According to an article from Newsmax, “5 Insurance Steps After Alzheimer's Strikes Loved One,” the planning for care needs to start immediately.

Alzheimer’s Disease International predicts that 44 million individuals worldwide have Alzheimer’s or a similar form of dementia, and 25% of those living with it never receive a diagnosis. Healthcare, including assisted living, memory care and in-home care is expensive. Health insurance is an important component of managing the ongoing expenses of living with Alzheimer’s.

Grandparents_grandkids_playing_board_gameUnless you are raised in a family that talks about money, values and planning, starting a conversation with elderly parents about the same topics can be a little awkward. However, it is necessary.

In a perfect world, we’d all have our estate plans created when we started working, updated when we married, updated again when our kids were born and had them revised a few times between the day we retired and when we died. In reality, a recent report by Merrill Lynch and Age Wave says that only half of Americans have a will by age 50.

More than 50% said their lack of proper planning could leave a problem for their families.

8.12.19Estate planning is not as much fun as vacation planning, but it is something you do for your loved ones to save them a lot of stress. It can also provide a surprising sense of relief to have this task completed.

It’s hard for anyone to consider their own mortality. However, that doesn’t mean you don’t need to protect your family by making sure you have a well-designed estate plan for distributing your assets, communicating your intentions and getting organized. Think of it as tidying up your life.

Forbes’s article, “Estate Planning: What You Need To Know,” says that this preparation means asking yourself questions that can make you uncomfortable, like the following:

Contact Information