- Can a Power of Attorney Sell Property Before Death?
A power of attorney (POA) is a legal tool that allows an agent to make decisions on behalf of the principal. POA is used in situations where the principal is unable to manage their affairs due to illness, incapacity, absence, or other similar scenarios. In the principal’s stead, the agent is given authority to manage… read more…
- Can a Power of Attorney Close a Bank Account?
Power of attorney (POA) is a legal tool that allows an individual, the principal, to appoint someone they trust to manage their affairs when they are unable to do so themselves. The person appointed is known as the agent. It’s often used in instances where the principal is facing illness or injury, and wants the… read more…
- 4 Types of Assets That Are Exempt From Probate in Florida
The probate process in Florida oversees how a person’s assets are distributed after death, a procedure that can often be lengthy, expensive and emotionally draining for loved ones. Fortunately, not all assets must go through probate. State law allows certain types of property to transfer directly to beneficiaries, helping families avoid delays and preserve more… read more…
- How to Get a Financial Power of Attorney in Pennsylvania
In Pennsylvania, a power of attorney (POA) is a legal document that can empower a designated agent to act on your behalf should such situations arise. With various types of POAs available, tailored to address specific needs from healthcare to financial management, understanding the legal requirements of these documents is essential for effective personal planning.… read more…
- 4 Types of Power of Attorney Available in Pennsylvania
Power of attorney (POA) offer a versatile legal framework for ensuring that your decisions and assets are handled according to your wishes, even when you’re not able to oversee them directly. It’s vitally important to understand the different types of POAs available if you’re in need of this type of authority. In the state of… read more…
- Understanding the Role of a Power of Attorney After Death
There is no power of attorney after death. Power of attorney is what’s known as a principal/agent relationship. This means that the individual who holds power of attorney serves as the agent for the individual who assigned it to them,… read more…
- How to Calculate RMD in Year of Death
If an account holder passes away before taking their required minimum distribution (RMD) for the year, the responsibility shifts to the beneficiary. The IRS requires that the full RMD be withdrawn to avoid penalties, using the deceased’s age and prior-year account balance to determine the amount. Whether you’re a spouse, child or other designated heir,… read more…
- Estate Account: What It Is, Rules, How to Open
An estate account is a specialized checking account used to manage a deceased person’s financial affairs. It allows an executor or administrator to collect assets, pay debts and distribute funds to beneficiaries. This type of account helps separate the estate’s funds from personal finances, streamlining the probate process and ensuring transactions are properly documented. To… read more…
- Can a Power of Attorney Transfer Money to Themselves?
Paying yourself as power of attorney can raise legal and ethical questions, since the role comes with fiduciary duties to act in the best interests of the person granting the authority. Generally, a power of attorney cannot transfer money to themselves unless the legal document specifically allows compensation or gifts. Even when permitted, such actions… read more…
- An Overview of Filial Responsibility Laws
Taking care of aging parents is something you may need to plan for, especially if you think one or both of them might need long-term care. One thing you may not know is that some states have filial responsibility laws… read more…