Estate Planning Newsletter

• What is Probate?
  Probate, a Latin term meaning “to prove the will,” is a court-supervised process that settles a person’s affairs after death. To ensure that the decedent’s final matters and wishes are handled correctly... Read more.
• Fraudulently Transferred Property & Constructive Trusts
  A constructive trust is a remedy imposed by a court when a person has wrongfully attained property in an inappropriate way. The court will undo the transaction and order that title to the property go to the rightful... Read more.
• Inheritance as Income for Purposes of Child Support
  The federal Child Support Enforcement Act of 1984 requires each state to develop its own set of systematic guidelines for calculating awards of child support. Generally, state child support guidelines are based on the parents’... Read more.
• Protecting Inheritance Rights Under Adoption by Estoppel
  In general terms, the judicial doctrine of “equitable adoption” recognizes a valid parent-child relationship in the absence of a formal adoption procedure, holding a person who has acted like a child’s parent for a... Read more.

• Lisa Marie Presley leaves behind a music fortune and a family dispute
• Non-profits and Heirs of Jewish Couple Who Escaped Nazis 85 Years Ago Sue Guggenheim for Picasso Painting
• Can You Deduct Estate Planning Fees From Your Tax Bill?
• Estate planning mistakes made by celebrities so you can avoid them yourself
• 6 joyful steps for end-of-life planning

Two Kinds of 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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