When you designate someone as your agent under a Financial Power of Attorney, how long does that person have the authority to act on your behalf? If it’s a Durable Power of Attorney, then your agent’s authority continues even if you become mentally incapacitated, and it terminates under a limited number of circumstances. Revocation Of course, as the person who appointed your agent, you have the right to revoke your Power of Attorney, terminating your agent’s authority, at any time during … [Read more...] about Does a Power of Attorney Expire?
Selecting a Guardian: A Primer for Divorced Parents
For parents of young children, perhaps the most difficult and emotional part of making an estate plan is deciding who to nominate as guardian of your children. This person will step in and care for your children in the event that your kids are left without parents before they reach adulthood. It can be hard enough for married parents to come to an agreement on this incredibly important topic; but when you’re divorced from your child’s other parent, coming to an agreement can be all the more … [Read more...] about Selecting a Guardian: A Primer for Divorced Parents
How to Choose a Healthcare Agent
Part of putting in place an effective estate plan is appointing trusted friends or loved ones to act on your behalf in case you become disabled during your lifetime. This is called incapacity planning, and it involves making use of several different documents to cover your financial and personal needs. One of the documents you’ll put in place as part of your incapacity plan is an Advance Medical Directive, with which you’ll name a healthcare agent to make medical decisions for you if … [Read more...] about How to Choose a Healthcare Agent
Why Choose a Lifetime Trust?
If you intend to leave a substantial inheritance for your spouse, children or other loved ones, you might want to think twice about having money or other assets distributed to them “outright” when you pass away. Simply handing over an inheritance to a beneficiary in one lump sum can spell trouble, and it can deprive your loved one of the protections provided by a lifetime trust. What is a Lifetime Trust? When you establish a lifetime trust, you appoint a trustee to manage certain assets on … [Read more...] about Why Choose a Lifetime Trust?
Basic Estate Planning and Advanced Estate Planning: What’s the Difference?
Everyone needs a basic estate plan. This is a set of documents you put in place that helps to ensure that your wishes are fulfilled when it comes to the management of your personal life and your finances in case you become disabled, and that controls the distribution of your property when you pass away. The Makeup of a Basic Estate Plan Generally, a basic estate plan will include the following documents: A Last Will and Testament: You use your Will to express your wishes regarding how … [Read more...] about Basic Estate Planning and Advanced Estate Planning: What’s the Difference?
Social Security: What’s the Right Retirement Age for You?
You can choose to start receiving Social Security retirement benefits at any time between ages 62 and 70. So, how do you know when the time is right? Here’s a short overview of how your benefits are affected by the age at which you begin receiving them. Social security benefits are calculated based on two elements. The first is your earnings history, and the second is the difference between your “normal retirement age” and the age at which you begin receiving benefits. Normal Retirement … [Read more...] about Social Security: What’s the Right Retirement Age for You?
What Happens to Social Security Benefits When Your Spouse Passes Away?
Social Security does not only provide benefits for primary recipients, it also provides benefits for surviving spouses. These benefits are called “widow’s” benefits, although they’re payable to either a surviving husband or a surviving wife. How do they work? Here’s a brief overview: Generally, the widow’s benefit is equal to the deceased spouse’s Social Security benefit. However, if your spouse has passed away and he or she had a lower Social Security benefit than you, your benefit will not be … [Read more...] about What Happens to Social Security Benefits When Your Spouse Passes Away?
Green Funerals
Going green is becoming a part of life for more and more people. If you want to make an impact beyond the eco-conscious decisions you make during your living years, you can opt for a green funeral. The traditional funeral makes a huge environmental impact, and a green funeral involves choosing to reduce that impact. There are a number of ways you can do this, including: Forgo Embalming: Embalming fluid contains large amounts of formaldehyde, plus other toxic chemicals. Not only are these … [Read more...] about Green Funerals
Life Insurance and Final Bills: How It Works
Will your life insurance policy have to be used to pay off your final bills and debts? The answer to that question depends, in large part, on the beneficiary designation of your policy. Policy Payable to Estate There are two ways for your life insurance policy to be paid to your estate. First, you might actually designate your estate as beneficiary of your policy. Second, you might designate a person as beneficiary who dies before you. If this happens, and you don’t appoint a new beneficiary … [Read more...] about Life Insurance and Final Bills: How It Works
Essential Paperwork for Settling an Estate
What are the first steps in settling a loved one’s estate? Whether the foundation of your loved one’s estate plan was a will or a trust, you’ll need to schedule an appointment with a probate attorney relatively soon after the death – within a few weeks, if possible. And, you’ll want to gather the following paperwork to take with you to the appointment. Estate Planning Documents: If there’s a will, you’ll need the original, plus any original codicils. If there’s a trust, a copy of the trust … [Read more...] about Essential Paperwork for Settling an Estate
