Many people from Los Angeles have served our country in the military. There are no words to describe the debt of gratitude that we owe to these brave men and women. Wartime veterans go through a lot, and many people who have served in the military are returning back home to Los Angeles. Though there is no way to fully repay the former service members for their sacrifices, there are some benefits that can be of great assistance. Most people are aware of the military retirement pension. If you … [Read more...] about Many Wartime Veterans Are Returning to Los Angeles
Things like wills and trusts are naturally going to come to mind when you think about estate planning. Transferring assets is certainly part of the process, but you should also think about the latter portion of your life and the potential for conservatorship proceedings. To prepare in advance, you could execute a legally binding document called a durable power of attorney. Before we look at the details that surround a power of attorney, we should explain some things about incapacity so that you … [Read more...] about Prepare Yourself With a Durable Power of Attorney
The legal device called a power of attorney is a document that you can use to give someone else the power to act on your behalf. This individual who would be empowered to act for you is called the attorney-in-fact or agent. Since the term attorney-in-fact is used, you may assume that the representative must be a practicing lawyer. In fact, this is not the case at all. Any adult who is mentally competent can act as an agent under a power of attorney. However, we should point out the fact that … [Read more...] about Who Can Act as an Attorney-in-Fact?
Estate planning is often thought of as a financial endeavor. Indeed, you do facilitate postmortem asset transfers when you plan your estate. However, you should also prepare for some of the eventualities that you may face toward the end of your life. With this in mind, we will look at the value of durable powers of attorney in this post. Incapacity Planning Without question, it is not the most pleasant thing to consider, but a very significant percentage of elders become incapacitated late in … [Read more...] about Should I Have a Durable Power of Attorney in California?
A durable power of attorney for health care is a very important and necessary incapacity planning document. You should certainly prepare for the eventualities of aging when you are devising your estate plan, and unfortunately, many people do become unable to communicate medical decisions at some point in time. Family members can disagree with regard to the correct course of action when there are no instructions left by the loved one in question. This can create difficulties during a time when … [Read more...] about Why Should I Have a Durable Power of Attorney for Health Care?
Incapacity planning is an important facet to consider when you are devising your estate plan. Many people become incapable of making sound decisions on their own at some point in time, and you can account for this through the creation of a certain type of power of attorney. Durable Powers of Attorney With a power of attorney, you as the grantor name an agent or attorney-in-fact. This agent does not have to be a licensed lawyer; any adult who is of sound mind who is willing to assume the role … [Read more...] about When Does a Power of Attorney Become Effective?
You may be aware of the fact that a power of attorney is a legally binding document that can be used to give another party the ability to act for you. The representative is called the agent or attorney-in-fact, and the person granting the power of attorney is called the principal or the grantor. There are different types of powers of attorney. There are general powers of attorney, there are also limited powers of attorney. Sweeping Power If you create a general power of attorney, you are … [Read more...] about What Is the Difference Between a General and a Limited Power of Attorney in California?
Estate planning is best viewed as a comprehensive endeavor that goes beyond the matter of postmortem asset transfers. When you plan your estate, you should also consider end-of-life issues. With this in mind, we will look at the subject of conservatorship in this blog post. The definition of a conservatorship will vary depending on the state in question. In some states, a conservator will handle the financial affairs of a ward who cannot handle his or her own affairs for one reason or another, … [Read more...] about What Is a Conservatorship?
If you are not familiar with any other estate planning document, you have probably heard of the document called a last will or last will and testament. As most people are aware, this document can be used to state your final wishes regarding the distribution of your property after your passing. The last will is very commonly utilized, but it is not the only type of will that is used in the field of estate planning. There is another type of will that is commonly called a living will. Advance … [Read more...] about What Is a Living Will in California?