Powers of attorney are documents giving someone else the power to make decisions on your behalf when you are no longer capable of doing so. These could be financial decisions or, depending on the type of power of attorney given, decisions about your welfare.
They are very important documents, and should not be taken out lightly or without expert advice. But are they worth doing?
We think so, and here are a few reasons why:
1. We are all living longer. This is undoubtedly a good thing, but it does mean that more of us are likely to be afflicted with conditions that affect our mental capacity. It makes sense to plan ahead, just in case it happens to you.
2. It makes it easier for your friends/relatives to take care of you. If something happens to you, such as a serious road accident, for example, and you don’t have a power of attorney in place, then it can be difficult for your relatives or friends to deal with things like your bills or mortgage without going to court first. Sigue leyendo →
For many families, taking care of a loved one with special needs is a daily challenge. Whether it is a child, sibling or other family member, the compassion and caring instincts can be overwhelming. But when it comes to the specific estate planning needs and desires of these situations, it can be very important to look at all the contingencies.
While you want to make sure that your loved ones needs will be met or surpassed, you also need to make decisions that will benefit your overall estate plans at the same time. If your planning also involves family members without special needs, specific considerations should be in place that will maximize the overall benefit to your family, while not sacrificing your special needs plans.
Estate planning is not just for older or wealthy people, younger people need an estate plan if they have minor children or to be prepared in case of a serious injury or accidental death.
Younger people who participate in risky sports or activities like skiing, cliff diving, car racing, or even boxing should consider the possibility that they could become seriously injured and require long-term medical care. Even worse, your untimely death could result from these activities.Sigue leyendo →
When somebody really close to you is nearly in the edge of passing by you begin to think although never dare to say it loud, what does he owns, has he already set up his heritage, has all his patrimony being organise, where does he have all the papers, deeds, etc are located?
Obviously the answer to these questions are not probably answered because you do not dare to ask and the owner (father, uncle, husband, wife, etc) has never thought of this moment and then postponed this decision for tomorrow.
It will be a good idea asking ourselves if we have all this organised for our heirs and then try to ask this questions to the person we are willing to inherit soon enough before the questions sound innapropiate.