We continue to receive lots of questions from elder health care professionals and members of the community about powers of attorney, guardianship, and conservatorship. A power of attorney is a legal document in which one person (the principal) authorizes another (the agent or attorney-in-fact) to act on the person’s behalf. There are financial powers which allow your agent to make decisions for you regarding financial matters, and healthcare powers of attorney which allow your agent to make decisions for you regarding your healthcare needs. Your […]
Tag Archives: probate
When a Loved One Dies
After a loved one dies, there are many issues which need to be addressed to wrap up the person’s legal and financial affairs. The following is a checklist of issues to consider: The funeral home should take care of providing you with certified copies of the death certificate. The number of death certificates you need will depend on the number of financial accounts that remain at the time of death. The funeral home contacts Social Security Administration to report the death. If there is a surviving […]
Transferring Property Upon Your Death
There are essentially five ways an individual can transfer property to their loved ones upon their death. Depending on the age of the persons who will be receiving property or the dynamics among family members who are receiving the property, it is important to choose your method of transfer very carefully. Leave Property Titled Solely in Your Name (i.e. do nothing to plan for property after your death) – If you do absolutely nothing to pre-plan for the transfer of your assets and your property is […]