Presently, more than ever, Estate Planning is an undoubtedly powerful way to plan for your future. This stands up even when we’re discussing your adult child’s future. Laying down plan in today means one less thing to be concerned about the next day – and if it’s one thing we all can agree on, it’s…
It’s easy: Fill the blanks in on the life insurance application and you’ve designated a beneficiary. But do not write off the task as insignificant. Designating the right individual to receive the proceeds of your life insurance policy is a vital decision that could have long ranging impact on your loved ones. Why is picking…
When you’ve been maltreated by a lawyer’s estate planning mistakes, you might have a claim for legal malpractice. Read below for more information concerning common types of estate planning mistakes and what you are able to do about them. Estate planning lawyers have a legal responsibility to act in the best interests of their clients.…
Usually, a beneficiary is an individual that receives proceeds and/or benefits from something. In the insurance industry, individuals commonly use the language beneficiary in reference to the recipient of life insurance proceeds. Those that receive distributions from a will, trust, annuity, or pension account, are additionally beneficiaries. Principal Points: A beneficiary is an individual that…
A lot of individuals are swayed into drafting a will on their own. However, there can be issues caused by drafting your own will. They may want to save money by not hiring an attorney. They might want to keep their privacy and believe the best way to do it is to draft their own…
Frequently, one of the fundamental goals in estate planning is to avoid probate. Together with a revocable living trust, beneficiary designations could also be a choice in reaching this goal. Naming an individual as a beneficiary on a particular asset, like an IRA, 401k, or a life insurance policy, typically bypasses the probate process, when…
It is usually very challenging to contest a will. Somewhere around ninety nine percent of wills go through probate without any problems. Wills are considered by the courts as the “spokesperson” of the testator, the individual that wrote the will. Since that person is no longer around to convey their wishes, the courts stick inflexible…
Power of Attorney (POA) documents help guarantee the wishes of the individual with dementia are followed as the disease advances and makes it possible for other individuals to make decisions on behalf of the individual when they no longer can. Power of attorney Providing the individual that has dementia has legal mental ability (the capacity…
Typically, a power of attorney (POA) is not named for a trust. Nevertheless, there could be circumstances when you might want to designate the same individual as your trustee and as your attorney in fact. A POA is legal documentation that provides someone other than you the authorization to act on your behalf. A trust,…
Naming an individual to act on your behalf carrying out a power of attorney (POA) document is a very important decision. Whereas POA can be given to anybody, most people usually decide on a trusted family member to manage the responsibility of making health and/or financial decisions on their behalf. Elderly parents usually name their…
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