Powers of attorney are one of the more useful estate planning documents most people in Kansas and Oklahoma include in their plans. For families creating an estate plan, these documents can be especially helpful. Here are several reason why including one or more powers of attorney in your estate plan is important if you have a family, or are considering starting one. Powers of Attorney and Your Family's Finances One of the main reasons why people need powers of attorney is the possibility … [Read more...] about Why Families Need Powers of Attorney
contesting a will
A lot of people who talk to us about creating estate plans have questions about springing or non-springing powers of attorney. Almost every estate plan that people create in Kansas and Oklahoma will include one or more powers of attorney, but the type of power of attorney you include is entirely up to you. When it comes time to create these documents, do you need a springing or non-springing power? What's the difference? What does one provide that the other does not? To clarify some of these … [Read more...] about Using Springing or Non-Springing Powers of Attorney
Should I Have a Durable Power of Attorney? from Larry Parman With a power of attorney, you name someone who can act on your behalf. Someone of your own choosing will be empowered to act for you if you become incapacitated. Learn more about durable power of attorney in Oklahoma in this presentation. … [Read more...] about Should I Have a Durable Power of Attorney in Oklahoma?
There are numerous things to consider when you are creating an estate plan. You certainly want to facilitate the future transfer of your monetary resources, but you should also consider end-of-life issues. With this in mind, we would like to look at powers of attorney and guardianship in this post. … [Read more...] about What Is the Difference Between a Guardianship and a Power of Attorney?
You may become unable to handle your own affairs late in your life. To account for this possibility, an incapacity plan should exist within your broader estate plan. Incapacity planning will typically include the execution of documents called durable powers of attorney. Most people are aware of the fact that a power of attorney is a legally binding device that is used to appoint someone else to act on your behalf. Durable powers of attorney are used to prepare for possible incapacity, because … [Read more...] about When Does a Power of Attorney Become Effective?
First of all, let’s review what a Power of Attorney is: a tool that gives legal authority to another person (called the Agent or Attorney-in-Fact) to make property, financial, and other legal decisions for the Principal (the person who signs the Power of Attorney). The Power of Attorney is useful for when you go on long trips (such as an extended deployment if you are in the military) or if you know you will have a long hospital stay. A Durable Power of Attorney means it will remain … [Read more...] about Don’t Ignore Your Power of Attorney
Your estate plan is obviously going to facilitate the transfer of your financial resources after you die. However, a comprehensive, holistic plan should also address the contingencies that you may face before you pass away. This having been stated, incapacity is something that is quite common among elders. Incapacity planning will typically include the execution of a legally binding document called a durable power of attorney for health care. … [Read more...] about Should I Have a Durable Power of Attorney for Health Care?
When you consult with an estate planning attorney, you will probably have financial matters first and foremost in your mind. While this financial component is important, you should also include an incapacity component. Many people become incapacitated before they pass away. They may not be able to make their own decisions. This possibility is typically accounted for by the execution of a legally binding document called a durable power of attorney. … [Read more...] about Who May Act as an Agent Under a Power of Attorney?
In the legal field powers of attorney are utilized for various different purposes. A power of attorney in Oklahoma is used to name someone who will be legally empowered to act in your behalf in a legally binding manner. The person executing the power of attorney is referred to as the grantor or principal. The individual who is empowered to act on behalf of the principal is the agent or attorney-in-fact. There are multiple types of powers of attorney. In this post we will look at limited … [Read more...] about Power of Attorney in Oklahoma: Limited POA vs. General POA
A Power of Attorney (POA) is a legal document that grants authority to someone you choose to take action on your behalf. POAs can be used for a variety of purposes but they’re most commonly used when you need your attorney to negotiate or enter into contracts on your behalf. What makes a POA “durable” is that you intend for the authority to continue, even if you become incapacitated. The authority granted under a general POA is automatically revoked if you become mentally incapacitated or … [Read more...] about What’s the Difference Between A Power of Attorney and a Durable Power of Attorney?