Estate Planning Newsletter

• Homicide & Estate Planning
  If a person murders a relative, is he/she entitled to receive any of the victim’s property? In most cases, the answer would be “no.” Usually, a convicted killer cannot inherit a victim’s property, even if he/she... Read more.
• The Executor or Administrator of a Will
  When a person dies, a personal representative must be appointed to manage and distribute the decedent’s estate. Types of Personal Representatives A personal representative is any of the following:... Read more.
• Overseas or Foreign Asset Protection Trusts
  In today’s litigious society more individuals are inquiring about asset protection planning, especially those individuals with a high risk of potential exposure to liability, such as business owners, doctors, or those involved in... Read more.
• Estate and Income Tax Treatment of Contaminated Property
  The Comprehensive Environmental Response, Compensation and Liability Act of 1980 (CERCLA) imposes liability for the investigation and cleanup of contaminated real property without regard to whether the landowner created or allowed the... Read more.

• Britney Wants Her Dad Investigated for Conservatorship Abuse. What Happens Next?
• Avoid these estate-planning mistakes and make probate cheaper for your loved ones
• How physicians can keep their estates out of taxable terrain
• 6 Uses Of Life Insurance In Financial Planning
• Tax legislation changes will affect farm succession

Durable Powers of Attorney

If you become incapacitated, who is supposed to make decisions for you about the management of your property or your health care? A durable power of attorney allows someone you designate to act on your behalf. It is usually included as part of an estate plan.

A durable power of attorney is different from a non-durable power of attorney because it remains in effect even when you are incapacitated.

You are the “principal” when you create the durable power of attorney, and the “attorney-in-fact” is the person you appoint. Your attorney-in-fact may have the power to carry out all the same activities as you. An attorney-in-fact may be anyone close to you, such as a spouse, relative or close friend. In other words, an attorney-in-fact does not have to be an attorney.

Property Management

The attorney-in-fact designated for managing your property should adhere to your own standards of care. Also, this attorney-in-fact should:

• Avoid conflicts of interest
• Follow your directions
• Keep regular contact with you
• Maintain records of all transactions

Your attorney-in-fact for health care has the duty to make health care decisions for you. Some states have simplified this process. For example, California has a Health Care Decisions Law that makes it easier to name someone to act on your behalf for medical treatment decisions.

More Than One Permitted

You may assign more than one power of attorney to carry out your property management or health care wishes. Usually, if there are 2 or more attorneys-in-fact, they must agree on what actions to take on your behalf.

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