Ten good reasons to make a power of attorney

Power of AttorneyPowers 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

Keeping Funeral Costs Affordable

Funeral CostsAnyone who’s put a loved one to rest knows that death is not cheap. According to the National Funeral Directors Association, the average adult funeral cost $6,560 in 2009 (their most current data). That doesn’t even include such common add-ons as a cemetery plot, headstone, flowers, obituaries and limousine, which can add thousands to the bill.

Because death is a frequently avoided topic, many people aren’t armed in advance with information about the many variables — and costs — involved in planning a funeral. Thus, just when survivors are grieving and most vulnerable, they’re bombarded by decisions that must be made quickly, often without even knowing what their loved one would have wanted.

The key message for the living is to decide on your preferred funeral arrangements Sigue leyendo

Estate Planning For A Loved One With Special Needs

special needs

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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.

Seven Factors To Consider: Sigue leyendo

Who Makes the Best Executor or Trustee?

trustee

trustee

Choosing the right person or people to handle the management of your assets after you die merits a lot of thought. While it’s pretty common to appoint a family member or friend, that’s not your only choice. A lot depends on your personal situation — both the complexity of your estate as well as family dynamics.

Appointing a family member can be seen as a symbol of love and faith. However, in the case of multiple siblings, it could be interpreted as an expression of trust in one child over another. So I can understand the dilemma. But while there’s an emotional component to this choice, you need to try to keep sentiment in check. To me, it’s really about who will do the best job. Sigue leyendo

Your onlife life can be used against you!!

Your Online Life

Your Online Life

Most of us post many things on social networks (photos, friends, fans,…) we all have electronic banking (balances, transactions, receipts,…) on internet. Others have their own blog (opinions, ideologies, phobias and filias, …) but we, one way or the other, have our online life. What are you going to do? Sigue leyendo

Estate Planning Considerations for Young People

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.risky Sigue leyendo

When your last will is not the last word

So, you’ve made your will and are comforted in knowing that your estate will be distributed the way you want it to be. This is not always so.

In some instances in B.C., the court can change the disposition of an estate, under the Wills Variation Act.

Precisele to avoid this kind of problems we have made www.mypatrimony.com where all these subjects can be addressed beforehand.

Read more: http://www.abbynews.com/lifestyles/138661539.html

The wrong person will inherit your assets regardless of your will

Have you written a will? Its contents may not matter when it comes to many of your assets. A jointly owned house or bank account will automatically pass to an heir; the joint title also includes an automatic right of survivorship. Also, accounts such as 401(k)s, IRAs and life insurance policies include beneficiary designations, which when correctly completed will also take the place of designations in a will.

That means you need to keep those documents up to date. If beneficiary designations don’t reflect changes in your family, the wrong person will inherit assets, regardless of what your will may say. Perhaps you specifically named your children as beneficiaries on your life insurance policy, then had another child. Without an updated beneficiary form, your youngest will not receive any share of the life insurance. Also, if beneficiary forms are not updated after a divorce, an ex-spouse can receive the proceeds from life insurance or an IRA.

This is one of the reasons why we have created MyPatrimony.com so you can keep your last will and testament up to date, not just your estate but your beneficiaries. By updating your estate regularly you will avoid these rules affect you nor your legatees.

Read more: http://www.cbsnews.com/8301-505146_162-57363868/wholl-benefit-from-your-ira-not-who-you-think/

Teddy Wroblewski’s 2 million inheritance looks for heir

It is obvious that we never plan to die tomorrow but this always comes unexpectedly.

Stories like Teddy’s are usual and from MyPatrimony.com we do not understand why we are refusing the need of planning our last trip and avoid the Goverment to keep our life savings instead of having the chance to leave to our loved ones or if any to charity.

There several ways of planning for it according to your needs.

read more: http://www.buffalonews.com/city/article712581.ece

Reports from major insurance companies indicate rise in claims from heirs to estates who have been overlooked or missed out in research

Probate practitioners who have been unfortunate enough to experience a claim on an estate from an entitled person will know how much of a problem this can be, especially if the claim surfaces after distribution has already taken place. If no indemnity insurance policy was put in place prior to distribution the consequences could be calamitous.

From MyPatrimony.com we try to solve these kind of issues by promoting this service where all heirs/heiress (or those the legator wants to) will be informed at his/her death of all the issues individually.

Read more: http://www.prunderground.com/recent-reports-from-major-insurance-companies-indicate-rise-in-claims-from-heirs-to-estates-who-have-been-overlooked-or-missed-out-in-research/008765/