· None of my children have a drug problem, but it is possible that one or more of them could be caught up in the opiod crisis. If one of them does so and has judgments against them from creditors at my death, those creditors get whatever assets that child might receive from my estate. The fact that a child might have judgments against them due to an opiod addiction means that assets will not go to my child, but to their creditors instead.
When Aretha Franklin died intestate—without a legal will—in 2018, she joined a surprisingly long list of famous people, including Prince, who also did the same. By not preparing the documents, she made the task of settling her affairs more complicated for her survivors. While your estate may not be as large or complex as a famous singer's, it's still important to have a plan in place in the event of your death.
Standardized forms are available for various kinds of powers of attorney, and many organizations provide them for their clients, customers, patients, employees, or members. However, the grantor should exercise caution when using a standardized POA form obtained from a source other than a lawyer because there is considerable variation in approved formats among the states.[8] In some jurisdictions statutory power of attorney forms are available.[18]
Your executor would still be responsible for sorting out the estate, which could take 6 to 18 months depending on the intricacies. Imagine your eldest child spending the next year and a half traveling back and forth to court hearings when they should be mourning your passing. It doesn’t sound fun, but it’s a possibility if you haven't left a clear and well-drawn will and/or trust documents.
Some thieves use a skimming device that easily can be placed over a card reader on an ATM or a fuel pump without looking out of the ordinary. When somebody swipes a debit or credit card at a compromised machine, the skimmer reads the information from the card's magnetic stripe and either stores it or transmits it. A criminal can then use this information to make purchases.
You have to go to court and get a guardianship and/or conversatorship as is warranted by the situation. If he was injured in the military, you may be eligible for military legal services to help you obtain the forms needed to get this done. If not, you will likely have to obtain legal assistance via an attorney in the private sector or seek legal aid in your home state.
The majority of identity theft victims do not realize that they are a victim until it has negatively impacted their lives. Many people do not find out that their identities have been stolen until they are contacted by financial institutions or discover suspicious activities on their bank accounts.[27] According to an article by Herb Weisbaum, everyone in the US should assume that their personal information has been compromised at one point.[27] It is therefore of great importance to watch out for warning signs that your identity has been compromised. The following are eleven indicators that someone else might be using your identity.
A third party is authorized by Florida law to require the agent to sign an affidavit (a sworn or an affirmed written statement), stating that the agent is validly exercising the authority under the power of attorney. If the agent wants to use the power of attorney, the agent may need to sign the affidavit if so requested by the third party. The purpose of the affidavit is to relieve the third party of liability for accepting an invalid power of attorney. As long as the statements in the affidavit are true at that time, the agent may sign it. The agent may wish to consult with a lawyer before signing it.
Standardized forms are available for various kinds of powers of attorney, and many organizations provide them for their clients, customers, patients, employees, or members. However, the grantor should exercise caution when using a standardized POA form obtained from a source other than a lawyer because there is considerable variation in approved formats among the states.[8] In some jurisdictions statutory power of attorney forms are available.[18]
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Related to the health care power of attorney is a separate document known as an advance health care directive, also called a "living will". A living will is a written statement of a person's health care and medical wishes but does not appoint another person to make health care decisions. Depending upon the jurisdiction, a health care power of attorney may or may not appear with an advance health care directive in a single, physical document. For example, the California legislature has adopted a standard power of attorney for health care and advance health care directive form that meets all of that state's legal wording requirements for a power of attorney and advance health care directive in a single document.[15] Compare this to New York State, which enacted a Health Care Proxy law that requires a separate document be prepared appointing one as your health care agent.[16]
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Identity theft has evolved far beyond just credit card fraud, and unfortunately is a rapidly growing crime that most people will be impacted by — either directly or indirectly — at some point in their lives. By learning about the types of fraud that exist and the best practices to employ, you can help avoid becoming part of the statistic — digital thieves stole $14.4 billion from US consumers in 2018.
Estate planning is an ongoing process and should be started as soon as an individual has any measurable asset base. As life progresses and goals shift, the estate plan should shift in line with new goals. Lack of adequate estate planning can cause undue financial burdens to loved ones (estate taxes can run as high as 40%), so at the very least a will should be set up—even if the taxable estate is not large.
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A power of attorney is a legal document delegating authority from one person to another. In the document, the maker of the power of attorney (the “principal”) grants the right to act on the maker’s behalf as that person’s agent. What authority is granted depends on the specific language of the power of attorney. A person giving a power of attorney may make it very broad or may limit it to certain specific acts.
Determining the link between data breaches and identity theft is challenging, primarily because identity theft victims often do not know how their personal information was obtained, and identity theft is not always detectable by the individual victims, according to a report done for the FTC.[6] Identity fraud is often but not necessarily the consequence of identity theft. Someone can steal or misappropriate personal information without then committing identity theft using the information about every person, such as when a major data breach occurs. A US Government Accountability Office study determined that "most breaches have not resulted in detected incidents of identity theft".[7] The report also warned that "the full extent is unknown". A later unpublished study by Carnegie Mellon University noted that "Most often, the causes of identity theft is not known", but reported that someone else concluded that "the probability of becoming a victim to identity theft as a result of a data breach is ... around only 2%".[8] More recently,[when?] an association of consumer data companies noted that one of the largest data breaches ever, accounting for over four million records, resulted in only about 1,800 instances of identity theft, according to the company whose systems were breached.[citation needed]
A power of attorney terminates if the principal becomes incapacitated, unless it is a special kind of power of attorney known as a “durable power of attorney.” A durable power of attorney remains effective even if a person becomes incapacitated. However, there are certain exceptions specified in Florida law when a durable power of attorney may not be used for an incapacitated principal. A durable power of attorney must contain special wording that provides the power survives the incapacity of the principal. Most powers of attorney granted today are durable.
To keep things simple, having a medical power of attorney instead of a living will might make more sense for you. A medical power of attorney can decide what’s in your best interests based on what you would have wanted and still be flexible (unlike a piece of outdated paper). That way, you have the peace of mind knowing—in what could be an unpredictable situation—there is someone you trust making those medical calls on your behalf.
If the attorney-in-fact is being paid to act on behalf of the principal, a contract for payment may be separate from the document granting power of attorney. If that separate contract is in writing, as a separate document it may be kept private between the principal and agent even when the power of attorney is presented to others for the purposes of carrying out the agent's duties.
Using a medical power of attorney to accompany your Living Will is highly recommended. It allows you to appoint an agent to make health care related decisions on your behalf when you become incapacitated or unable to communicate your health care wishes. In our example, the Principal named Greg Smith appointed his good friend George Leary to be his health care agent.
Notify your agent that you have signed a power of attorney. If your chosen agent is not present when you sign your power of attorney forms, you will need to notify them that you have signed a power of attorney granting them permission to take certain actions on your behalf. This gives the agent notice of their ability to make decisions for you in specific situations.
When you use a will, however, after you pass away title to property passes from you to the estate and its executor. Eventually it passes to the final beneficiaries. The probate court supervises the process. If you become disabled, whoever holds your power of attorney has to present it to financial institutions and have them accept it before your assets can be managed. If there’s no power of attorney or financial institutions won’t accept it, the courts become involved.
