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]
If you desire to have more control over your medical treatment in the event you are unable to make them for yourself, you will need to create a medical power of attorney. Just like a Living Will, you will need to select an agent who will behold your medical wishes and makes certain that those wishes are carried out successfully. Completing both a living will and a medical power of attorney form are recommended.
A power of attorney may be used to give another the right to sell a car, home or other property. A power of attorney might be used to allow another to access bank accounts, sign a contract, make health care decisions, handle financial transactions or sign legal documents for the principal. A power of attorney may give others the right to do almost any legal act that the maker of the power of attorney could do, including the ability to create trusts and make gifts.
Decide if a healthcare or medical power of attorney is necessary. A healthcare or medical power of attorney gives your agent the right to make medical decisions on your behalf. These decisions might include choosing the facility to treat you, authorizing surgeries and medical procedures, and allowing treatment as recommended by medical professionals. A medical power of attorney only goes into effect when you are incapacitated due to your medical condition and unable to make decisions about your medical care on your own.[7]
A declaration of trust will also provide the basic terms of the trust. Your estate stays private and passes directly to your heirs, you do not pay a probate attorney or court costs, and your loved ones may be able to avoid being tied up in probate court for what could be a year or more. From this planner’s perspective, a trust can be a fantastic choice for estate transfer.
