Archive for the ‘Power of Attorney’ Category

A Unique Graduation Present

Monday, May 30th, 2011

May and June are busy months if you have a senior in high school or college.  There are graduation parties, plans for the future and the hunt for the perfect graduation present.

You want something ‘different’, not the same old ‘cross pen’ or ‘briefcase’ or whatever.

Why not a Durable Power of Attorney? or an Advance Medical Directive?

Lots of graduates don’t think they need these and many don’t think they can afford to pay a lawyer to have these critical documents drafted for them.  Unfortunately, the truth is that these are vital documents that every adult should have in place before they are needed. And young adults are one of the groups that is most prone to accidents and might need to have these documents in the next few years.

Once a person reaches the age of 18, he or she is considered a legal adult.  This means that Mom and Dad can no longer make legal decisions for them.  Mom and Dad can no longer call the school to make arrangements for school work if the child is ill.  Mom and Dad can no longer take the child to the hospital and authorize treatment.  Mom and Dad can no longer call the insurance company and take over after a car accident.

That is, unless the child has named Mom and/or Dad as their agent under a Power of Attorney.

This year, why not give the graduate in your life something really different?  (and really useful!)

To Learn more about Kristina Beavers, Attorney at Law visit the website at www.BeaversLaw.com

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Who should I name as my Agent in my Power of Attorney?

Friday, November 19th, 2010

I talked recently about whether or not you need a Power of Attorney, and my answer was a resounding ‘YES’.  The next question is, Who should I name as my Agent in my Power of Attorney?

I know it is scary giving power to someone else.  Your agent under your Power of Attorney is usually given the power to spend your money, invest your money and usually to do just about anything you can do yourself.

So, why would you want to give this much power to someone else?

As long as you are competent to make your own decisions, you probably don’t want anyone else to have this much power over your ‘stuff’.  But what about the situation when something happens to you?  What if you are in a car accident and end up in a coma?  What if you get sick and aren’t able to communicate?  And for a lot of us, what if you get older and your mental capacity is in question?  When those things happen, it’s too late for you to appoint someone.

The problem is that most of us don’t have a crystal ball that tells us when we are going to need to have an agent take over our ‘stuff’.

I’ve always thought that if I have someone that I would trust to do what’s right when I don’t have the ability to know what they are doing, then why wouldn’t I trust them to do the right thing when I’m still able to look over their shoulder?

Who should you name?  Someone you trust to do what you would do yourself.  Someone you trust to make the best decisions for you.

Sometimes that is a spouse.  Sometimes that is a child.   And sometimes it is a really good friend or a neighbor.

If this is something you are wondering about, come in and we can have a chat.  I may not have all the answers, but I can ask you some questions to help you make the right choice.

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Do I need a Power of Attorney?

Sunday, October 31st, 2010

Most people think they need a Will (or perhaps a Trust).  A Will describes what to do with your ‘stuff’ after you die, and yes, we are all going to die.

But, what happens to your ‘stuff’ if you are still alive but incapacitated in some way?  How will your bills be paid if you are in a coma?  Who will make decisions if you suffer from dementia or have a heart attack and end up in the hospital for awhile?

If you have a Power of Attorney, you get to choose who will make those decisions, and those decisions can be made as soon as needed.  If you do not have a Power of Attorney, someone can petition the Court to appoint a conservator.  It might be the same person you would have chosen, but the Court might appoint someone else.  Someone you would not have wanted to have that control over your affairs.  And it won’t be done immediately because it just takes time.  So your perfect credit rating can be tarnished when your payments don’t get processed before they are late.

Also, if you have a Power of Attorney, you get to decide what your Agent can do.  For example, you get to decide if you want your Agent to make gifts above the tax free limit each year if that’s in your best interest.

In fact, the Power of Attorney can be the most important document in your Estate Plan.  And the answer is Yes, I think you do need a Power of Attorney.

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