Power of Attorney for Property

This document appoints an agent to legally act on your behalf. The powers that the agent possesses depends upon the provisions of the document your created and any limitations you may have imposed upon them.

This power of attorney form only relates to financial or other legal decisions that you may otherwise make on your own behalf. It does not deal with any medical or health care issues. (In the event you desire that protection, you need to create a separate document, called a Power of Attorney for Health Care.)

Although the appointment occurs at the time of execution, your agent may not be empowered to act immediately. Your agent may only be empowered to act at a later time, or only when a certain event occurs, such as at the time of your incapacitation. This power of attorney will end at the time of your death, or sooner if specified herein.

You may have granted your agent limited powers, such as to act on your behalf to complete a task, (EX signing documents at a real estate closing) , or you may have granted your agent broad and expansive powers, such that you would otherwise possess, so that your agent would not be restricted in their duties.

At all times, your appointed agent is charged with acting in your best interests and only for your benefit.

Although only one agent can act at any one time, this document does provide for a succession of agents in the event your initially named agent is unable to act on your behalf.

If you created a Living Trust, the duly appointed acting trustee or successor trustee of the trust, would be the only person able to control trust assets.

This document can be cancelled or amended at any time so long as you have legal capacity. In the event you wish to do so, it must be done properly, so that it is legally enforceable.

Power of Attorney for Health Care

This document appoints an agent to act on your behalf, on matters that relate solely to health care issues. The powers that the agent possesses depends upon the provisions of the document you created and any limitations you may have imposed upon them.

This power of attorney form only relates to health care matters and decisions that you may otherwise make on your own behalf. It allows your appointed agent to make those decisions, only when you are unable to communicate your desires to your attending health care providers. It does not deal with any property issues. (In the event you desire that protection, you need to create a separate document, called a Power of Attorney for Property)

Although the appointment occurs immediately, your agent will act only when you are unable to do so, such as at the time of your incapacitation.

You will have selected certain parameters which will guide your agent as they act on your behalf. It is wise to discuss these alternatives with your named successor agents, before they need to act, so they are aware of your desires.

You may have granted the power to your agent to arrange for organ donation or the disposition of your remains.

This document will allow your agent to have access to your medical records and information.

At all times, your appointed agent is charged with acting in your best interests and only for your benefit.

Although only one agent can act at any one time, this document does provide for a succession of agents in the event your initially named agent is unable to act on your behalf.

This document can be cancelled or amended at any time so long as you have legal capacity. In the event you wish to do so, it must be done properly, so that it is legally enforceable.

Living Trust

This type of trust is also called a grantor trust or a revocable trust. You are the settlor/grantor/creator of this trust, which means that you have created the trust. You are also the initial trustee, which means that you will be responsible to manage the trust assets for the benefit of the stated beneficiary.

Although this document creates a separate legal entity, it exists for your sole benefit as you are the beneficiary. As such you will continue to handle all of your personal affairs just like you have been doing. You will not receive any income tax benefits from this trust. You will also still be entitled to continue to be eligible for all tax deductions, you have been receiving. You will continue to use your individual social security number and retain and use all existing accounts. You will continue to file tax returns just as you have in the past.

The main benefits of this trust:

  • avoidance of probate at the time of your death;
  • immediate distribution of trust assets at death, without legal process;
  • lifetime protection, in the event of your incapacitation, where your successor trustee will be able to manage trust assets for your benefit during your period of incapacitation or for your life.
  • one plan of distribution for all trust assets

At all times, your appointed successor trustee is charged with acting in your best interests and only for your benefit.

This document further establishes a succession of individuals to act as trustee in the event any one of the appointed trustees are unable or unwilling to act.

At the time of your death, your successor trustee will be required to pay all debts and expenses that may remain after your death. The successor trustee will then be charged with distributing all trust assets as set forth in the agreement.

This document can be cancelled or amended at any time so long as you have legal capacity. In the event you wish to do so, it must be done properly, so that it is legally enforceable.

You may have created a Children’s Trust under the terms of this document which further protects and controls the future use and distribution of your trust assets for any individual beneficiary who may be a minor, (as defined in the agreement.)

The document contains a listing of trust assets on attached schedules which you should keep current and update at least annually.

Pour-Over Will

This document is a type of Last Will and Testament. As such it does provide your written direction to handle assets, in your name only, at the time of your death. It does not contain any important dispositive provisions as it provides that any assets that remain in your name only at the time of your death, will be given to the Successor Trustee of your Living Trust. (A normal will would indicate who would receive your assets at death.)

The purpose of this document is to provide a back-up plan for any assets that you fail to transfer into your living trust.

A will only takes effect at the time of your death and can be revoked or modified so long as you have legal capacity. In the event you wish to do so, it must be done properly, so that it is legally enforceable.

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