WHY ARE THERE SO MANY FAMILY FEUDS WITH POWERS OF ATTORNEY?
A Durable Power of Attorney is a legal document used to transfer assets when the owner of real estate, bank accounts, investments, and other assets, is alive yet incapacitated. A Durable Power of Attorney ends at the death of the owner and cannot be used to transfer assets after death. I have received many calls where siblings are fighting because one adult child moved the decedent/owner’s assets with a Power of Attorney document and did not tell the other sibling. This situation can be prevented with proper estate planning.
WHAT IS GOOD ABOUT A POWER OF ATTORNEY?
A Durable Power of Attorney is a useful document and can help families when used correctly. Recently, an attorney friend called and said her husband’s mother was in the hospital and lost her memory and asked if the Durable Power of Attorney previously signed could be used to transfer assets and avoid probate. The husband, being an only child and the sole Durable Power of Attorney, properly moved assets from his widowed mother’s name to his name, thus avoiding Probate court involvement in Miami-Dade County. If he had other siblings, this would not have been the best option and proper wills and trusts and estate planning would be required to prevent probate court involvement.
ESTATE PLANNING WORKS BEST IF YOU PLAN AHEAD
In the example above, the family was lucky and everything worked out with the Durable Power of Attorney, but in other cases this would not work. In most cases, proper estate planning documents must be created to transfer assets, such as real estate, bank accounts, business shares, and investments to a revocable trust. Also, a Durable Power of Attorney covers incapacity, but a regular Power of Attorney does not. In most cases, a more protective Limited Power of Attorney works better in combination with other estate planning documents, allowing assets to be transferred to a revocable trust instead of the appointed individual having the ability to transfer assets as they choose; preventing the possibility for theft and elder abuse.
SHOULD WE USE FREE ESTATE PLANNING FORMS ON THE INTERNET?
No, using estate planning forms that are free or offered at nominal costs over the internet are not the best option. Just like you would go to your doctor if you had a heart problem or any other medical matters, hiring a professional is important and choosing the right attorney for you is even more important.
WHY SHOULD YOU USE ALLY GLASER, PA TO HANDLE YOUR WILLS AND TRUSTS, ESTATE PLANNING IN MIAMI BEACH, TRUST ADMINISTRATION, AND MIAMI-DADE AND BROWARD PROBATE MATTERS?
As a Miami Beach, Florida, Estate Planning, Wills and Trusts, Trust Administration, and Probate Attorney with over twenty years of experience and both a Psychology and Law degree, I handle these matters with care and sensitivity. I am familiar and comfortable with both the Miami-Dade and Broward County probate court system and know how to get things done. Call or email me today to discuss your Miami Beach Estate Planning, Wills and Trusts, Trust Administration, and Broward or Miami-Dade County Probate matters. I am happy to help you and your loved ones.