After someone passes away, their belongings and assets must be distributed. Without a will that details who should inherit these assets, the estate must go through a legal process known as administration,
Most people are under the impression that their will designates how their property will pass at the time of their death. Truth be told, the will typically only addresses those assets that are held exclusively in the name of the decedent and lacks a beneficiary.
Estate planners often make the mistake of focusing their efforts on what happens when the client passes on. Equally as important, is to plan for when the client is unable to make their own business legal, financial, and healthcare decisions.
A power of attorney is a legal document that gives another person power to make financial or legal decisions on your behalf. It comes in two forms: durable and springing.
When someone passes away, their assets must go through legal processes, including probate and probate alternatives, before they can be distributed to beneficiaries.
When it comes to creating an estate plan, most people automatically think about preparing a last will and testament. Although I agree everyone should have a will