One of the most well-known, and frequently used, estate planning tools is a Power of Attorney. When properly drafted and utilized, a Power of Attorney makes a versatile and effective estate planning tool. The problem is that a Power of Attorney can do more harm than good when not properly drafted and used. To help you better understand, a Grand Forks estate planning attorney at German Law | Wealth explains common Power of Attorney mistakes you should avoid making. What Is a Power of … [Read more...] about Power of Attorney Mistakes to Avoid
Understanding the Power in a Power of Attorney
Most people, at some point in their life, either create a Power of Attorney (POA) or act as an Agent under a POA created by someone else. Unfortunately, a Power of Attorney is also one of the most frequently abused legal documents. One reason for that is that all too often the person creating the POA does not truly understand the power and authority conveyed in the document. With that in mind, the Grand Forks estate planning attorneys at German Law want to make sure that you understand what type … [Read more...] about Understanding the Power in a Power of Attorney
Can a Party Refuse to Honor a Power of Attorney?
A Power of Attorney is among the familiar of all estate planning documents. When all goes as planned, a Power of Attorney can be used under a wide range of circumstances and can be used to further numerous estate planning goals. What happens though if a party refuses to honor a Power of Attorney? The Grand Forks estate planning attorneys at German Law explain your rights as an Agent under a Power of Attorney and what happens if someone challenges that authority. What Is a Power of … [Read more...] about Can a Party Refuse to Honor a Power of Attorney?
When Is a Power of Attorney the Right Choice?
A power of attorney is, by far, one of the most commonly recognized and frequently used legal documents. A power of attorney can be a valuable addition to your comprehensive estate plan as well; however, it is not always the best option. If you have been asked to execute a power of attorney, or you are simply contemplating how one might fit into your estate plan, it is best to first consult with your North Dakota estate planning attorney. In the meantime, it may be helpful to gain a better … [Read more...] about When Is a Power of Attorney the Right Choice?
Understanding the Power behind a Power of Attorney
Given how often they are used, it is very likely that you will be a party to a power of attorney at some point in your life. Despite the frequency with which people use these legal documents, a surprising number of people do not really understand the extent of the power that can be granted in a power of attorney. Moreover, people often fail to understand the difference between the various types of power of attorneys. Before you execute one, or agree to act as an Agent under one executed by … [Read more...] about Understanding the Power behind a Power of Attorney
Can a Power of Attorney Give Someone the Authority to Make Healthcare Decisions for Me?
If you recognize the need to include incapacity planning in your overall estate plan you are ahead of the vast majority of people. Though people often fail to think about it, the reality is that incapacity can strike anyone at any time. Whether you suffer a temporary or permanent period of incapacity, someone will have to make healthcare decisions for you during the time you are unable to make them for yourself. Another estate planning mistake people frequently make is to execute a generic power … [Read more...] about Can a Power of Attorney Give Someone the Authority to Make Healthcare Decisions for Me?
Why Should I Have a Durable Power of Attorney in Minnesota?
Why Should I Have a Durable Power of Attorney in Minnesota? from Raymond German A comprehensive estate plan will address contingencies that you may face toward the end of your life. With a durable power of attorney, you empower someone to act on your behalf in the event of your incapacitation. Learn more about durable power of attorney in Minnesota in this presentation. … [Read more...] about Why Should I Have a Durable Power of Attorney in Minnesota?
Take Time When Choosing an Agent
When you make a power of attorney you will select an agent, also called an attorney-in-fact who will represent your interests or make decisions on your behalf. Through the power of attorney document you create you will grant your attorney significant legal authority to make decisions for you. Because of this, you must approach the question of agent selection very carefully. Though you may have an idea of who you would like to serve as your attorney-in-fact, it’s always a good idea to … [Read more...] about Take Time When Choosing an Agent
You Need Both a Will and Power of Attorney
Sometimes people come to an estate planning lawyer with questions about powers of attorney and wills that reveal a misunderstanding of how these important documents function. For example, some people ask why they need both. After all, since a power of attorney will allow you to name a representative, why do you need a will to name someone who will act as your executor? While these types of questions are understandable when asked by people who don’t have a background in the law, you need to … [Read more...] about You Need Both a Will and Power of Attorney
Power of Attorney Myths
A power of attorney is one of the best estate planning tools available. Most people who create an estate plans will use two of these important documents, and sometimes more. Unfortunately, there are some people who have some decidedly mistaken perceptions and beliefs about what a power of attorney is, does, and does not do. Here are several of these power of attorney myths you should avoid. Power of Attorney Myth 1. Your agent will take advantage of you. Powers of attorney are documents. These … [Read more...] about Power of Attorney Myths
