When are powers of attorneys necessary or useful? What do you want your health care directive to express as your wishes in the event of total incapacitation or the need for radical life prolonging health care intervention?

The laws regarding transfer inheritance taxes, commonly known as estate taxes, are changing. The goal of estate planning is to minimize loss of assets for inheritance purposes as a result of estate taxes. Minimizing loss of assets at death while maximizing control of assets during life is what a plan should accomplish. Disposition of assets upon death and providing for ones family and loved ones must be considered at all ages and routinely reviewed. Wills, trusts, and powers of attorney are not just for the elderly or the wealthy- cohabitating adults, parents, adult unmarried individuals with siblings or elderly parents, individuals without living relatives can benefit from knowing they have accomplished the appropriate disposition of all that they have accumulated in life according to their last wishes.

A will is a person's ultimate expression of how to dispose of one's property after death. A will has no force or effect prior to death and thus, can be revoked by the maker of the will at anytime prior to death, so long as the maker is mentally competent. Probate is the procedure of proving that the will was created with all necessary legal formality and requirements and is valid. A will may express preferences or desires other than the disposition of property but those expressions or desires may not be followed. For instance, directions regarding the custody of minor children in a will may not be effectuated if the circumstances of the custody would not be in the best interests of the child. On the other hand, money left in trust to minor children must be paid over to the child when the child attains the age of eighteen (whether it is in the best interests of the child or not,) unless the will specifically maintains the funds in trust until a later age is attained.

This information should not be considered legal advice and is not intended as a substitute for consultation with an attorney