If you're asked to serve as someone's executor or personal representative, you should take some time to think about the position carefully. Though being an executor is not difficult, especially if you have a knowledgable guide to the probate process, the position does impose legal responsibilities on you. If you make mistakes while serving as executor, these can have significant consequences on your life. Here's a list of some of the more egregious errors you can make as an executor, as well as … [Read more...] about Making the Wrong Move as an Executor
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Estate Planning Myths: Who can Have Power of Attorney
Myth 1: Only my lawyer can be a power of attorney Much of the confusion surrounding powers of attorney and what they do comes from the name. Powers of attorney are just a kind of document, one through which you can choose someone else to make legally enforceable decisions on your behalf. The person you choose becomes known as your “attorney-in-fact.” However, that is merely a title, and it conveys no requirement that the person you choose must be a lawyer. You can choose anyone you like as long … [Read more...] about Estate Planning Myths: Who can Have Power of Attorney
Your Living Trust – Three Questions About When You Want to Change Terms
Question 1: When can I change the terms of my revocable living trust? Essentially, whenever you wish. A person who creates a revocable living trust, known as a settlor or a trustor, retains the ability to modify or alter the terms of the trust whenever he or she desires. For example, if you create a revocable living trust which names your child as a beneficiary, you can change the terms of the trust after the birth of a second child so the trust also include the new child as a … [Read more...] about Your Living Trust – Three Questions About When You Want to Change Terms
Why You Need to Consider Your Estate Plan When You Become Pregnant
As a good rule of thumb, you should review your estate plan any time you experience a significant life event, such as a divorce, marriage, or death of a child or family member. You should also include pregnancy in this list, as there are specific estate planning concerns you will want to address once you learn you are pregnant. Let's take a look at some of the most important issues. Medical Directives When you become pregnant you may want to change the terms of your living will or other … [Read more...] about Why You Need to Consider Your Estate Plan When You Become Pregnant
3 Important Elder Care Medical Documents
Whether you have any current medical conditions or not, it's important for you to take adequate steps in advance so you and your family can be prepared in case of a medical emergency. Preparing key legal documents that will be useful in case of such an emergency should be at the top of your to-do list, especially if you are reaching retirement age or have current or ongoing medical conditions. Here are three key documents you will need to prepare as part of your medical contingency … [Read more...] about 3 Important Elder Care Medical Documents
