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However, many accounts, such as bank savings, CD accounts, and individual brokerage accounts, are unnecessarily probated every day. If you hold these accounts, they can be set up—or amended—to have a transfer on death (TOD) designation, which lets beneficiaries receive assets without going through the probate process. Contact your custodian or bank to set this up on your accounts.
According to the U.S. Bureau of Justice Statistics, in 2010, 7% of US households experienced identity theft - up from 5.5% in 2005 when the figures were first assembled, but broadly flat since 2007.[64] In 2012, approximately 16.6 million persons, or 7% of all U.S. residents age 16 or older, reported being victims of one or more incidents of identity theft.[65]
In financial situations wherein a principal requests a securities broker to perform extensive investment functions on the principal's behalf, independent of the principal's advice, power of attorney must be formally granted to the broker to trade in the principal's account. This rule also applies to principals who instruct their brokers to perform certain specific trades and principals who trust their brokers to perform certain trades in the principal's best interest.[citation needed]
While the power of attorney gives the agent authority to act on behalf of the principal, an agent is not required to serve. An agent may have a moral or other obligation to take on the responsibilities associated with the power of attorney, but the power of attorney does not create an obligation to assume the duties. However, once an agent takes on a responsibility, there is a duty to act prudently. (See “Financial Management and the Liability of an Agent.”)
In child identity theft, someone uses a child's identity for various forms of personal gain. This is common, as children typically do not have information associated with them that could pose obstacles for the perpetrator, who may use the child's name and Social Security number to obtain a residence, find employment, obtain loans or avoid arrest on outstanding warrants. Often, the victim is a family member, child of a friend or someone else close to the perpetrator. Some people even steal the personal information of deceased loves ones.
Identity thieves sometimes impersonate dead people, using personal information obtained from death notices, gravestones and other sources to exploit delays between the death and the closure of the person's accounts, the inattentiveness of grieving families and weaknesses in the processes for credit-checking. Such crimes may continue for some time until the deceased's families or the authorities notice and react to anomalies.[31]
Not only are children in general big targets of identity theft but children who are in foster care are even bigger targets. This is because they are most likely moved around quite frequently and their SSN is being shared with multiple people and agencies. Foster children are even more victims of identity theft within their own family and other relatives. Young people in foster care who are victims of this crime are usually left alone to struggle and figure out how to fix their newly formed bad credit.[21]
Under English law (which extends to Wales but not to Northern Ireland or Scotland), the deception offences under the Theft Act 1968 increasingly contend with identity theft situations. In R v Seward (2005) EWCA Crim 1941[49] the defendant was acting as the "front man" in the use of stolen credit cards and other documents to obtain goods. He obtained goods to the value of £10,000 for others who are unlikely ever to be identified. The Court of Appeal considered a sentencing policy for deception offenses involving "identity theft" and concluded that a prison sentence was required. Henriques J. said at para 14:"Identity fraud is a particularly pernicious and prevalent form of dishonesty calling for, in our judgment, deterrent sentences."
A growing area of concern involves medical identity theft, which gives thieves the ability to access prescription drugs and even expensive medical treatments using someone else’s identity. When successful, medical identity theft frequently results in erroneous entries being put into the victim’s medical records, which in turn may even lead to inappropriate and potentially life-threatening decisions by medical staff.
A living will only works while these two things are true: You must be unable to communicate but still be alive. For instance, if you were confused or in a coma because of a head injury, your doctors would want to look at your living will for direction. But the moment you’re able to communicate on your own, your living will becomes unneeded and has no authority.
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Under Russian law, in article 185 of the Russian Civil Code, a power of attorney can be created by being signed by the donor.[22] Creation of the power of attorney must be witnessed, e.g. countersigned by a public notary. Notarial witnessing is mandatory if the power of attorney is made in order to enter into a contract to buy or sell an interest in land, as this has to be done on a public register.[23]
People often have a Living Will just to clarify their preferences when it comes to life support options. Life support is needed when you become dependent in order to survive. You can opt to have your life support withdrawn if your condition worsens to a point that is not satisfactory with your living standards. In our example, Greg Smith wishes to withdraw from life support if he falls into a chronic coma or vegetative state.
You have a terminal illness: The doctors must also decide that you have a terminal or other condition that falls under your state's living will law. Each state may define terminal illness in a different way. Your state may use terms such as permanent unconsciousness (not awake or aware), or irreversible condition (a condition that will not get better). Your state may have other rules that control when a living will takes effect.
· I do not expect that my wife and my children will die before I do, but it is possible. If any grandchildren are under the age of 18, any assets will not go to them but rather to a guardian appointed by the Court until they are 18. The fact that my grandchildren might inherit from me but be underage means that my assets may be diverted into the hands of a random guardian appointed by the Court.
It's important that your family members and care providers know your preferences for end-of-life care. When you have a Living Will, you're making your wishes clear. It's difficult to think about potentially devastating situations, but preparation is key. If you haven't put your choices in writing, your family members may be forced to make tough decisions for you.
The principal may hold the power of attorney document until such time as help is needed and then give it to the agent. Often, a lawyer may fulfill this important role. For example, the principal may leave the power of attorney with the lawyer who prepared it, asking the lawyer to deliver it to the agent under certain specific conditions. Because the lawyer may not know if and when the principal is incapacitated, the principal should let the agent know that the lawyer has retained the signed document and will deliver it as directed. If the principal does not want the agent to be able to use the power of attorney until it is delivered, the power of attorney should clearly require the agent to possess the original, because copies of signed powers of attorney are sufficient for acceptance by third parties.
Once you've made your Living Will, you can access it anytime, anywhere, on any device. As a Rocket Lawyer Premium member, you can copy your Living Will, edit or print it out to sign and give to your primary care provider and family members. Keep in mind that many states require this document to be notarized. If your state has an end-of-life wishes database, you can also upload your Living Will there.
An agent is someone who carries out the wishes stated in your Living Will or Power of Attorney. A good candidate for an agent could be a family member or a close friend. A daughter or son, for example, would be a good choice, as they are expected to outlive your life. An agent cannot be your physician or anyone that directly administers health care to you. As your agent, this person must follow the instructions set out in your document and can also make judgment decisions when uncertain situations arise.
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