To follow up the definition of per stirpes, our next term is by representation. Again, this term is used to tell us attorneys how the children of a deceased named beneficiary should take their inheritance. Again, a numerical example is the best explanation.
Back to our previous hypothetical: (more…)
Absolutely. If you are divorced, you must revisit your estate plan. A change in marital status can lead a formerly sound estate plan to cause numerous unintended consequences. If your divorce attorney does not specialize in estate planning, ask him or her for a referral to an estate planning attorney. The time and money spent now could save even more time and money down the road.
There are many estate planning traps for the unwary when a (more…)
A Power of Attorney is a document that can be used to appoint an individual (Attorney-in-Fact) to manage the affairs of another. This is useful for a time when people become incapable of managing their own affairs, whether through mental or physical disability. It is required that a person be competent to execute a Power of Attorney; an incompetent person may not validly execute a Power of Attorney. Thus, once a person becomes incompetent, it is too late. However, a Durable Power of Attorney executed while competent is not affected by subsequent incompetence and will remain in effect.
Why is it important to (more…)