If you've already created an estate plan and have moved, or are considering moving, you may want to take the time to review your plan if your move brings you to a new state. If you're simply moving to a new location in the same state, you probably don't need to make any changes. However, moving to a new state should prompt you to at least review your plan, and probably call an estate planning lawyer. Issue 1: Your Will. Each state will recognize the validity of the Will created in a … [Read more...] about I Just Moved…Do I Need To Change My Estate Plan?
The Benefits of Creating a Power of Attorney: Part 3 of 3
As you may know from reading the previous blog in this series, a power of attorney is a written document that may serve many useful estate planning purposes, depending on your personal or business needs. Your agent or attorney-in-fact has as much power as you delegate or assign. If you want your agent to have specific and limited powers, your attorney can help you draft an agreement specifically delineating those powers. Some types of powers you may give your agent include the power to make … [Read more...] about The Benefits of Creating a Power of Attorney: Part 3 of 3
The Benefits of Creating a Power of Attorney: Part 2 of 3
You can also create a durable power of attorney that becomes effective immediately or becomes effective upon the occurrence or happening of an event. Known as a “springing durable power of attorney,” this type of power of attorney becomes effective only after you become legally incompetent or mentally unable to make decisions. Your attorney can help you decide which type of power of attorney document would effectively address your legal needs. People create powers of attorney for many different … [Read more...] about The Benefits of Creating a Power of Attorney: Part 2 of 3
The Benefits of Creating a Power of Attorney: Part 1 of 3
A power of attorney is a writing that may be a necessary part of your estate planning documents. A power of attorney allows another person to make decisions on your behalf as your attorney-in-fact or legal agent. As the principal giving the power of attorney to another person, you can control what powers your agent has . Your agent may have a general power of attorney or specific power of attorney. A general power of attorney gives your attorney-in-fact a broad range of authority to make … [Read more...] about The Benefits of Creating a Power of Attorney: Part 1 of 3
North Dakota Power of Attorney: Part III of III
As discussed within the last two blogs, North Dakota courts will allow mentally competent adults to appoint third party power of attorney agents to sign financial documents for them. If you appoint someone else as your financial attorney-in-fact, you can give him a durable power of attorney. If you do not incorporate language stating that your attorney-in-fact or third party agent has a “durable” power, she may be unable to act as your financial power of attorney if you become mentally unable to … [Read more...] about North Dakota Power of Attorney: Part III of III
North Dakota Power of Attorney: Part II of III
To draft a financial power of attorney in North Dakota, you must be legally competent, which means you must be of sound mind, be free to make your own decisions and at least 18 years old. If you give an agent a power of attorney, the agent should also be 18 or older and be able to make competent legal and financial decisions. Make sure that you obtain legal assistance in drafting your financial power of attorney. Furthermore, you should be sure to appoint someone you trust to act as your … [Read more...] about North Dakota Power of Attorney: Part II of III
North Dakota Power of Attorney: Part I of III
State laws establish the rights that you have to appoint others to enter into legal financial agreements or transactions on your behalf. In North Dakota, you may appoint a third party as your attorney-in-fact to enter into financial transactions for you. If you give another person a financial power of attorney, you are the principal. If someone gives you the power, you are the attorney-in-fact or the agent. A financial power of attorney allows the attorney-in-fact or agent to make financial … [Read more...] about North Dakota Power of Attorney: Part I of III
Power of Attorney: Knowing Its Functions and Limitations
A Power of Attorney is a fairly common, legally-accepted, simple way to assign decision-making authority over your affairs if and when you are not able to do so. What many people don’t know is that if you pass away, your Power of Attorney is null and void – so it’s not a substitute for, say, a trustee who can carry out matters on your behalf when you are gone. So as an Estate Planning tool, the Power of Attorney is limited. There are some other limitations to a Power of Attorney. For … [Read more...] about Power of Attorney: Knowing Its Functions and Limitations
