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November, 2020 Archives

Archives for November 2020

Including Gift Authority in a Power of Attorney

Gift provisions in powers of attorney limit agents from making gifts if such ability is not desired. All powers of attorney should include specific gift authority clauses to provide the necessary authority to the agents. Failure to include these provisions could subject the agent to action for making an inappropriate gift or deprive the estate of property that was intended for another person or purpose. Issues with Failing to Include Gift Authority A recent court case examined these … [Read more...]

Why Your Estate Needs a Backup Plan

A backup plan is a fundamental part of an estate. When writing a will, it is a common misconception that assets will be shared among all of the listed beneficiaries. However, pandemics, accidents, and crimes can take multiple lives all at once, leaving the need for a contingency plan. Reasons to Include a Back Plan in an Estate Incidents of loved ones passing away in close proximity have risen, especially during the COVID-19 pandemic. Without a contingency plan, such situations could … [Read more...]

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