Studies that are conducted to gain an understanding of the estate planning preparedness of people around the country consistently yield some rather disturbing results. Most adults are going through life without any type of estate planning documents, and a very high percentage of younger folks are remiss. According to the American Association of Retired People, only 22 percent of individuals between the ages of 18 and 36 have a will or some other asset transfer vehicle in place. For people … [Read more...] about Have You Considered the Impact of a Guardianship?
durable power of attorney
Most people are aware of the fact that a power of attorney is a legal device that can be used to allow someone else to act for you in a legally binding manner. The person that gives the power is called the grantor or principal, and the term for the proxy is “attorney-in-fact” or agent. There are general powers of attorney, and limited powers of attorney. If you execute a general power of attorney, the agent or attorney-in-fact would have sweeping powers to act as your representative. In a … [Read more...] about How Is a Power of Attorney Used in Estate Planning?
When you think about the matter of estate planning, arranging for postmortem asset transfers will probably come to mind. Without question, you have to execute a will or some type of trust to state your final wishes. The ideal course of action will depend upon the circumstances, and there are many possibilities. This is one of the most important financial decisions you will ever make, so you should certainly discuss your options with a licensed estate planning attorney. End-of-Life … [Read more...] about Incapacity Planning Is a Must
If you’ve ever spent five minutes in an estate planning law office, you’ve undoubtedly heard mention of a durable power of attorney, or POA. Here’s a closer look at these important legal documents that should be a part of any estate plan and why acting now can save a lot of stress and hurt feelings later. A durable power of attorney allows a principal – usually an elderly parent - to name an agent to oversee financial, legal and health responsibilities. An agent is typically a relative or … [Read more...] about What is a Durable Power of Attorney?
Understanding durable power of attorney dynamics can be a bit overwhelming. In Vermont, estate planning attorneys are bound by explicit laws designed to protect residents. Here are a few questions our office receives concerning the power of attorney laws in Vermont. My spouse and I own everything jointly. Is a durable power of attorney necessary? The short answer is yes. Should you become incapacitated, your spouse will be able to withdraw funds and sign checks from your bank accounts; … [Read more...] about Durable Power of Attorney in Vermont