The estate planning process usually goes like this in our office: We meet with you to discuss your estate planning goals and needs, and we design a plan tailored to meet them. After your meeting, we provide a flat fee quote for our services and give you a retainer agreement. After you sign your retainer [...]
This depends on the language of the document, as chosen by the principal. Some powers of attorney are “springing,” meaning that the agent will have the authority to act only when the principal is incapacitated. Others are “presently exercisable,” meaning that the agent can act immediately, regardless of whether the principal is incapacitated.
Generally, your agent’s authority to act under a power of attorney will last until your death, or until you revoke the power of attorney. However, you can also specify that the power of attorney will only be effective within a certain time frame.
No. Another option is a limited power of attorney, which gives the agent only specific powers.
A power of attorney is a document in which a person can appoint another person (called an “agent”) to act on his or her behalf. The person who creates the power of attorney is called the “principal.”
No. Perhaps one of the most common myths about revocable trusts is that, on their own, they can help people avoid estate taxes. There are trusts that help people avoid estate taxes, and revocable trusts are often used in conjunction with these trusts, but a revocable trust cannot save taxes all by itself.
Yes. A revocable trust is usually accompanied by a “pour-over” will, which is a simple will that essentially says “I give everything to my revocable trust.” This can be useful when someone creates a revocable trust but does not place every asset into the trust. The will takes anything left over and “pours” it into [...]
Many people think that a revocable trust is uniformly “better” than a will. The truth is, revocable trusts are not one-size-fits-all. Revocable trusts are excellent vehicles for certain people, and virtually useless for others.