Common error: We will die at the same time

One of the most common error in the trusts is that couples assume they will die at about the same time. When one of the couple survives by years and the survivor needs to have access to the assets without family interference. It is amazing how many times an adult child will say she wants her deceased's parent's half of the funds and wants to keep money from the surviving parent -- or argues about how the money was spent after they both died. A trust needs enough flexibility to protect the couple whether one survives the other for years or if they pass at about the same time.

New Year Time for Resolutions to Have Powers of Attorney

The courts have made guardianships and conservatorships more complicated and expensive with new rules which were intended to limit court costs and attorneys fees. Avoid having the court in your business or health care, by having your own health care powers of attorney and financial durable powers of attorney. When I prepare powers of attorney, I cover concerns that have arisen with other clients such as when we deal with banks and hospitals, not just the the statutory requirements.

Protect Your Special Needs Adult Child

In order to protect the government benefits for your disabled adult child, be sure to have a special needs trust for any funds you leave at your deaths.

Electronic Passwords and Estate Planning

If you are ill, incapacitated or die, you will want your financial agent or Personal Representative to have use of your passwords and account information. Be sure to keep them in a safe place that can be found by the ones you trust. Placing a list with your notebook of estate planning documents is just one good idea.

Your Powers of Attorney Need to be Effective Immediately

Powers of attorney for finances or health need to be effective immediately, and not just effective once you have been declared incapacitated. If you are ill in the hospital or laid up at home, you really likely will need assistance right then, to deal with billing departments, banking and health care providers. There is no need to wait until a doctor has declared you incapacitated. Having your agents have immediate power to assist you when you need it is best.

What's in a Name?

Making sure your name is correct on your powers of attorney is very important. If you have used different names over the years, maybe because of marriage or nicknames, then your financial records and health care records might have different names. In order for the person named as your agent to help you, your name on your powers of attorney have to match the name on your record. Therefore, be sure to list all of the names you have used on your powers of attorney as an "aka" or also known as.

Satisfying The Title Company With Your Deed

When refinancing, adding a joint tenant on the title or preparing a beneficiary deed, there are legal requirements and there are title company requirements. There will be problems with selling the property later unless the deed lists the marital status of the grantee, lists the grantors exactly as they were listed in the prior deed as grantees, and make sure there is an acceptance of right of survivorship when the parties want it. These are just a few things that can cause trouble with selling property later, when people prepare their own deeds without professional advice.