Downs Law Firm, P.C.
When someone chooses a financial manager because they don’t want to hurt feelings, the result is often disastrous. It’s important to pick the most competent and trustworthy candidate.
Although there is considerable legal information and misinformation, it is generally understood that a last will and testament is the device used to distribute property after death. However, the why, how and when are less familiar.
While thinking about legacy planning can be unpleasant because it involves discussions about incapacity or mortality, it’s an important aspect of good financial planning that shouldn’t be ignored.
Unlike a last will and testament, a revocable living trust is effective during your lifetime.
One of the biggest challenges that clients encounter during the process is deciding who to appoint as their trustees, powers of attorney, health care surrogates and executors.
It’s easy to overlook an important task after a spouse or other loved one passes away – like retitling assets. It’s a little thing with big ramifications. Follow this checklist to help make a challenging time less confusing.
Even Consumer Reports suggests working with an experienced estate planning attorney to make sure documents are correctly prepared.
Does a person need a Power of Attorney document if that person already has a Last Will and Testament (‘Will’)? It is a critical piece of the planning puzzle.
A common dilemma that families face upon the incapacity or death of a loved one is locating estate planning documents. While preparing the documents are the most important step, that is irrelevant if the documents are lost when they most need to be used.
Incapacity can occur because of illness or an accident. It can be temporary or permanent. That’s why every adult needs a power of attorney in place, once they turn eighteen.
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