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Are Your Legal Papers in Order?

Review the Following Documents and See Your Lawyer!

Powers’ of Attorney (as defined by dictionary references below)

Durable Power of Attorney

A power of attorney instrument gives one person—the attorney in fact—the power to act for another in a general manner for all things, or for specifically listed things or areas described in the power. The power ceases as soon as the person granting it—the principal— dies or becomes legally incompetent. A durable power of attorney is different, in that it continues even though the principal becomes incompetent, but still terminates upon death. Used by many elderly people to allow children to manage their affairs in the event of mental disability, but without the stigma, expense, and court oversight of a formal declaration of incompetence and appointment of a guardian.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc

Durable Power of Attorney for Health Care

A document that designates an agent or proxy to make health care decisions if the patient is no longer able to make them. The document directs the surrogate person to function as “attorney-in-fact” and make decisions regarding all treatment, including the final decision about cessation of treatment.

Mosby’s Medical Dictionary, 8th edition. © 2009, Elsevier.

A Will or Trust (as defined by dictionary references below)

Will

A document stating how and to whom a person wants his/her property transferred after death. In addition to transferring property, a will may specify how certain responsibilities are to be performed. For example, a will may state who shall take care of the decedent’s minor children, how they are to be educated, and so forth. A court must enforce the provisions of a will unless there is some overriding legal reason for it not to do so. Many advisers recommend writing a will to ensure that the writer’s wishes are carried out.

Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

Trust

A relationship in which one party, known as the trustor, gives to a person or organization, known as the trustee, the right to hold and invest assets or property on behalf of a third party, known as the beneficiary. The beneficiary often receives disbursements to meet basic expenses until the time comes when the beneficiary takes control.

Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

Are your legal papers in order? Take the time and effort to make sure you have the above documents up to date!

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