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Durable General Power Of Attorney
Estate Planning 101
Estate Planning 101
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A Durable General Power of Attorney is a document that enables an individual to appoint a person, who is known as the attorney-in-fact, to act on his/her behalf, in the event the individual becomes disabled or incapacitated. The person appointed as the attorney-in-fact will be responsible for managing the disable person assets such as taking care of any type of business that the disable person would have taken care of if he/she was well.
Some of the attorney-in-fact duties consist of paying bills, banking, purchasing what ever items the disable person needs, providing transportation, and other business responsibilities. Some people have the misconception that their attorney-in-fact uses the Durable General Power of Attorney to manage assets can transfer ownership of assets to the deceased person family members and other heirs after the person who created the Durable Power of Attorney dies. This cannot be done. The Durable Power of Attorney dies with the person. If the deceased person has a Living Trust, the Successor Trustee will be responsible for transferring the assets in the Living Trust to the family members and other heirs . If the deceased person does not have a Living Trust, his/her assets must go through probate court before they can be distributed. In some states the value of the assets will determine if assets need to go through probate court. Bank accounts, life insurance policies and other investments that have beneficiaries on them will go directly to the beneficiaries upon death of the person who own them. |
Disclaimer
The information on the web site is not intended to be considered legal advice.
If you have legal issues, your should contact a legal professional
The information on the web site is not intended to be considered legal advice.
If you have legal issues, your should contact a legal professional
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No Contents May Be Used Without Expressed Written Permission.
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Copyright 2018 pending Alpha Consultants & Estate Planners All rights Reserved.
No Contents May Be Used Without Expressed Written Permission.
Site Updated & Maintained by Alpha Enterprises