A Power of Attorney is one of the most well-known of all estate planning documents. Most people execute one, or are named as an Agent under one executed by someone else, at some point during their lifetime. Although the basic concept behind a Power of Attorney (POA) is relatively simple, putting a POA to the test can become problematic. For example, what do you do if a third party - a bank or another financial vendor - refuses to accept a POA? To help answer that question, the Overland … [Read more...] about What Happens If a Third Party Refuses to Honor a Power of Attorney?
Although every estate plan is uniquely tailored to fit the needs and goals of the individual creating the plan, there are some common tools that are found in the average estate plan. A Power of Attorney (POA) is one of those tools. If you are thinking about adding a Power of Attorney to your estate plan, you will need to decide which type of POA you need. You will also need to decide whether to make your POA durable or not. To help you decide, the Oklahoma City estate planning lawyers at Parman … [Read more...] about What Is a “Durable” Power of Attorney?
It is possible to abuse a power of attorney for inheritance hijacking. While it is not lawful for an agent who is given authority under a power of attorney to hijack an inheritance, it happens anyway. Often, heirs are unaware that their inheritance has been taken from them or they are aware of it but do not know what to do about the fact they are receiving less money and less property than they should be entitled to receive. A power of attorney lawyer can help people to create a … [Read more...] about How a Power of Attorney Can Be Abused for Inheritance Hijacking
It's important to be aware of some common myths about powers of attorney that often confuse or needlessly complicate the estate planning process. Using powers of attorney wisely, drafting them properly, and ensuring that they are made to match your individual needs is one thing, but you might need to get past some common myths to make sure you can get the most out of these vital tools. Today we're going to take a look at a couple of common myths about powers of attorney and why they are not … [Read more...] about 2 of the Most Common Myths About Powers of Attorney
When someone divorces in Kansas, Missouri or Oklahoma, understanding how the divorce will affect an estate plan is essential. Divorce is a stressful, emotional, and difficult time for anyone. Taking the time to address estate planning concerns prior to, during, or even after the divorce is often something people put on the back burner. Today, as part of our ongoing series on essential estate planning issues in Kansas, Missouri and Oklahoma, we will look at how divorce can affect … [Read more...] about Understanding Estate Planning – Divorce And Estate Plans
People have no problem planning ahead for many things, but for some reason estate planning and elder law issues are often placed on the back burner. Surveys consistently come back with results that are quite disturbing with regard to the estate planning preparedness of American adults. They say that death and taxes are the only certainties, but in spite of this the majority of people in the United States have not executed all the appropriate estate planning documents. … [Read more...] about Survey: 61% Without Living Will
There are things to take into consideration beyond the transfer of financial assets when you are planning your estate. If you want to be comprehensively prepared you should consider the possibility of future incapacity. Oklahoma incapacity planning is going to involve the execution of documents called Advance Health Care Directives. One of these directives is a living will. … [Read more...] about Oklahoma Incapacity Planning FAQ: What Is a Living Will?
While most people do not have an estate plan in place, there are those who have made minimal efforts. There are websites on the Internet that sell legal documents including last wills. Maybe you are among those who have pieced something together using one of these downloads or worksheets under the idea that anything is better than nothing.Anything is better than nothing in some cases, but it may not be better in others. If you had no last will all of your assets would be passed along to your … [Read more...] about Is Your Estate Plan Thoughtfully Constructed?
You should consider all of the contingencies that you may face as an elder when you are planning your estate. The transfer of financial assets is of course important, but it is not the only matter that should be addressed. Perhaps not even the most important. … [Read more...] about Choosing a Health Care Proxy
Incapacity planning is something to consider when you are implementing a comprehensive estate plan. Individuals who reach an advanced age often suffer from incapacity, and in fact it may be more common than you think. It should be noted that there are other causes of incapacity, but the existence of Alzheimer's disease alone is enough to make incapacity planning a must. … [Read more...] about Include HIPAA Authorization When Planning for Incapacity