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Can a Substitution Be Named for a Power of Attorney?

Can a Substitution Be Named for a Power of Attorney? image

“Historically, the purpose of a power of attorney is to select an agent (and ideally, successor agents) to act, in case you need assistance.”

Naming a trusted individual, whether a family member or a friend, to be your power of attorney is a significant decision. That person has the power to make financial decisions on your behalf, when you are unable to do so. It is, therefore, a serious responsibility, says My San Antonio Life in the article “Substitution of Agent and Delegation of Authority.”

Here’s an example of what can go wrong. A man’s father signed a...

Think Your Estate Plan is Done? Think Again!

Think Your Estate Plan is Done? Think Again! image

“You have reviewed multiple drafts of your Will, Trust, Living Will and Financial Power of Attorney, attended multiple meetings with your attorney, discussed the final distribution of your assets, selected your Executor and Trustee and finally executed your estate planning documents. So, you must be done, right?”

Putting your estate plan in place is a big first step in the process. However, it is only the first step for many people, according to this article “So You Think You’re Done with Your Estate Plan…” from the National Law Review. Here’s an excellent checklist of items that are commonly...

Financing Assisted Living by Saving, Planning and Insurance

Financing Assisted Living by Saving, Planning and Insurance image

“In March 2018, the U.S. Census Bureau reported that by 2030, all baby boomers will be over the age of 65, leading to a unique situation in demographics: 20% of U.S. residents will be at retirement age.”

Part of the increase in the number of people who live long enough to be of retirement age, is because life expectancies have increased. The average U.S. life expectancy has increased from 68 years in 1950 to 79 years in 2013, according to the Population Reference Bureau cited in an article from U.S. News & World Report titled “How Should I...

When Estate Planning Takes Place in a Crisis

“Many of us have experienced the unexpected “telephone call” from a hospital or loved one that a sudden negative medical event has occurred, involving a member of your family.”

It’s never a good thing, when you get a call and the person on the other end asks if you are sitting down.

A sudden death or medical crisis can turn your world upside down, especially if the person was not prepared with the right documents says The Union in the article “Estate planning in a time of crisis.” Your heart sinks and questions start flooding your mind. Will...

BIG Retirement Mistakes You Might Make

BIG Retirement Mistakes You Might Make image

“Though retirement can be a fulfilling time in people’s lives, it can also be a stressful one. This especially holds true, if you fall victim to the following mistakes, so be sure to avoid them at all costs.”

Most people spend their entire working lives dreaming of retirement. However, when they get there, it’s a new and strange world without fixed schedules or routines. If you make any of these mistakes, reports The Motley Fool in the article “4 Retirement Planning Mistakes You Probably Don’t Even Realize You’re Making,” you might be surprised to find yourself working...