#durablepowerofattorney

[memorialmerits]

Comprehensive Guide to Estate Planning: Wills, Trusts, and Other Essential Documents

Estate planning is essential to ensure

[20westlegal]

💼 Plan Ahead with a Durable Power of Attorney!

Life happens, and it’s important to be prepared. Assign someone you trust to manage your financial matters if you’re ever unable to do so. It’s a simple step that can save your loved ones a lot of stress.

💡 Ready to learn more? Let’s chat!

[20westlegal]

A durable power of attorney ensures your financial and legal matters are handled according to your wishes, even if you become incapacitated. It's a key component of a comprehensive estate plan.

Want to learn more? Contact us for guidance and ensure your estate plan is complete and effective.

📞 Reach out to us today! bit.ly/20westlegalmeetingscheduler

[20westlegal]

Curious about a Durable Power of Attorney (DPOA) and why it's important? 🤔

It's a legal way to let someone you trust make decisions for you if you can't. It's all about ensuring your wishes are followed and your assets are protected.

👉 Want to know more or set one up? Contact us to secure your future today. tinyurl.com/book20westlegal

[20westlegal]

Should I Add my Child to my Bank Account?

Ask Me Anything "EPISODE 15": Adding Child to Bank Account | Erica EndykeQuestion: Should I add my child to my bank account? Answer: When you add a child to ...

Ask Me Anything "EPISODE 15": Adding Child to Bank Account | Erica Endyke

Question: Should I add my child to my bank account?

Answer: (0:04) When you add a child to an asset like a bank account, they become a joint owner, so yeah, they can access your assets. If they have to manage your affairs, maybe because you can't pay medical bills, pay regular bills, but there are many downsides. 

(0:18) First, they can make withdrawals without your consent because they are your co-owner. Also, the money becomes subject to their own creditors, so if they're going through a divorce, your assets could end up in the hands of your ex-son or daughter-in-law.

(0:34) But there are even more drawbacks because if they're applying for financial aid on behalf of an outbound college student, those assets are going to be included. And also, if you wanted to apply for mass health or Medicaid, having that child as a joint owner could block you from eligibility.

Removing a joint owner from an account is really difficult, especially if you're to become incapacitated.

(0:59) So one way we address these concerns is not to add the child to the bank account but instead for you to execute a durable power of attorney naming them as your agent. You authorize them to access the account when they need to, which means that you remain the account owner, and they can then step into your shoes if you're becoming incapacitated to pay your bills but that only works in the short term; what about the long term?

That's why it's a good idea to speak with an estate planning attorney to map up your options for when you are to pass, who's going to manage those assets, how they will get managed, and how they will get distributed.

If you have any questions, message me below!

[20westlegal]

A complete estate plan should also protect you in the event you are incapacitated; say, for example, you are in an accident and in the hospital. Your financial obligations don't stop, even though you cannot attend to them, and someone needs to provide consent for medical treatment on your behalf. That's why durable powers of attorney for medical care and finances are essential.

A power of attorney is a legal document that gives your representative the authority to act on your behalf and make decisions when you no longer have the capacity to do so.

To learn more about durable powers of attorney, call us today or book your appointment here: https://bit.ly/3uvOUWN

[financialmommy]

Tuesday night mood.....thinking about what info I shared today! Well here is something important! If you have a child that is over 18, due to HIPAA, if your babe gets hurt or hospitalized the hospital will not share any info with you unless you have a HEALTHCARE PROXY and A DURABLE POWER OF ATTORNEY. Remember they are Legally an adult! So before your child goes off to school have these documents drawn up!! Sit with your attorney (LEGALSHIELD)and Estate planner/advisor. The Healthcare proxy/declaration allows YOU to be their helathcare agent!! As Parents we must know how to help our Babes no matter what age they are!! Hugs!@FinancialMommy @PuckBillions #WhereisYourToDoList #WhereisYourLIFEINSURANCE #HealthcareProxy #DurablePowerofAttorney #FamilyFirst #ShareLove Www.FinancialMommies.com