LLike most people, you probably consider the primary purpose of your estate plan to be to plan for the distribution of your estate assets upon your death. Your goal is likely to ensure that those assets are used to provide for your loved ones after you are gone. What happens, though, if instead of dying you become incapacitated? If that occurs, your Last Will and Testament will not be helpful because the terms of your Will only become relevant after your death. How will you provide for loved … [Read more...] about Is a Power of Attorney a Good Incapacity Planning Tool?
Power of Attorney
A power of attorney is one of the most commonly used legal tools, due in large part to the numerous and varied uses for a power of attorney for property, or POA for P. Unfortunately, people often make the mistake of assuming that just because a POA for P is a common document that a generic fill-in-the-blank form found online or at a local stationary store is sufficient. Nothing could be farther from the truth though. So what is a good power of attorney? As is the case with all legal documents, … [Read more...] about What Makes a Good Power of Attorney for Property?
Almost everyone needs a power of attorney at some point in their life. If you are at that point you may be tempted to take the seemingly easy route by purchasing your power of attorney from Staples or Office Depot and just filling in the blanks. While this may appear to be the quick and easy way of creating your power of attorney, or POA, it may cost you far more in the long run. In today’s electronic age a wide variety of legal forms can be purchased at Staples or Office Depot as well as … [Read more...] about Can I Get a Power of Attorney from Staples or Office Depot?
One of the most commonly used estate planning documents is a power of attorney. In fact, it is not uncommon to execute more than one power of attorney, or POA, during your lifetime. If someone has named you as an Agent under a power of attorney you now have the legal authority to act on behalf of the Principal (the person who executed the POA) to the extent allowable under the POA agreement. What happens though if the bank won’t honor the power of attorney? What can you do? A power of attorney … [Read more...] about The Bank Won’t Honor the Power of Attorney. What Can You Do?
When used properly a power of attorney can be a highly effective estate planning tool. Unfortunately, a power of attorney can also be abused either by the agent appointed in the POA or by unscrupulous individuals who convince a principal (usually an elderly individual) to sign a POA giving them agent authority. A better understanding of when a power of attorney should be used, as well as the disadvantages to using a POA, will help ensure that you get the most out of your power of attorney in the … [Read more...] about Power of Attorney in the Quad Cities, Illinois: What Are Its Disadvantages?
Because a power of attorney is such a common, and versatile, estate planning tool the chances are good that you already know what one is. You may even already have one included in your estate plan for one reason or another. A POA’s versatility, however, can also lead to a certain degree of confusion with regard to which type of POA should be used and when a POA is the best choice for the specific goal. For example, people often use a durable power of attorney for property as part of their … [Read more...] about Durable Power of Attorney for Property in the Quad Cities: What Are Its Advantages?
A power of attorney in the Quad Cities, when used appropriately, can be a powerful legal instrument. In fact, many people choose to include one or more powers of attorney in their comprehensive estate plan. To get the most out of a power of attorney is essential to understand exactly what a power of attorney can and cannot do. It is also important to understand how an agent uses a power of attorney. A power of attorney is created when the principal, or person granting the authority, gives an … [Read more...] about How Does an Agent Use a Power of Attorney in the Quad Cities?
At some point in your life you may be asked to execute a power of attorney and/or you may feel that you should create a power of attorney yourself for one reason or another. While a power of attorney can be an extremely useful legal instrument it is of the utmost important that you understand the advantages and disadvantages, as well as the authority granted and the limitations, of a power of attorney. Despite the name, a power of attorney does not involve an attorney at all unless your … [Read more...] about What is a Power of Attorney in Illinos?
At some point in your life you will likely have a need to create and execute a power of attorney. A power of attorney can be a very useful legal document; however, it can also be misused by people who have less than honorable intentions. For this reason, it is crucial that you understand what a power of attorney does, and does not do, as well as have a basic understanding of the various different types of power of attorneys that can be created. Specifically, it is very important to know the … [Read more...] about Power of Attorney – Limited Versus General
As the name implies, a power of attorney can be a very powerful legal document. Among the many decisions you need to make when you execute a power of attorney is whether or not to make the document a durable power of attorney. Before you can make that decision, you need to understand the basics of a power of attorney as well as what creating a durable power of attorney actually does. The term “power of attorney” is a somewhat misleading term. A power of attorney has nothing to do with attorneys … [Read more...] about Should I Have a Durable Power of Attorney?