| When to Revoke a Power of Attorney for Finances |
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| If you execute a power of attorney for finances document, you can revoke or cancel it at any time as long as you are mentally competent to do so. This means that you must understand the consequences of signing the revocation. You probably will not encounter any problems if you revoke a power of attorney that has not been given effect. However, a court proceeding may be necessary if you revoke a springing power of attorney that has been given effect (i.e., doctors have declared you to be incapacitated) and your attorney-in-fact refuses to accept that the revocation is valid.More... |
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| Executors |
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| The executor must state the name and domicile of the decedent, as well as the year that domicile was established. Also the executor must state the decedent's date of death and Social Security number and the name, address, and Social Security number of the estate's executor. Similar information must be given for the estate's attorney. Further general information is requested such as the decedent's business or occupation and marital status. It requires a breakdown of the estate to show how much of it was (or is to be) received by the spouse or other heirs. This is to ascertain the estate-tax marital deduction.More... |
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| Basic Vocabulary and Execution |
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| A will is a legal document that explains where a person wants or does not want his property to go after his death. A will becomes effective upon death and until then, it can be revoked or amended. If a person dies without a will, a court will determine where his property goes according to state law.
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| Executors - Government and Fringe Benefits |
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| Government and work-related fringe benefits are not always treated as assets of the estate, so technically the collection of these benefits may not be the executor's legal responsibility. Social Security benefits, benefits payable under the Railroad Retirement Act, and benefits payable to the spouse and dependent children of government employees covered by civil service are paid directly to named beneficiaries, not to the estate. In many instances, however, the amounts payable to beneficiaries from these sources can be greater than those passing through probate, and it is the executor's responsibility to make the beneficiaries aware of the potential benefits to which they are entitled. If the benefits are paid to the estate, then their collection will be the executor's responsibility. If paid directly to named beneficiaries, the latter must still be fully informed by the executor of the nature and size of the benefits and the name of each recipient.More... |
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| Conservatorship Proceedings |
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| A durable power of attorney for finances is an inexpensive legal document that allows you to name someone to make your financial decisions if you become unable to do so yourself. The main reason to make a durable power of attorney for finances is to avoid court proceedings if you become incapacitated. If you do not have a durable power of attorney, your loved ones will have to ask a court to give them authority over your financial affairs. This procedure is usually called a conservatorship proceeding. Different states have different terms for the person appointed to manage your finances, including conservator, guardian of the estate, committee, and curator.More... |
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