The Hawkins Law Firm
256.571.2829

400 Gunter Avenue
Guntersville, AL 35976

256.705.3593

600 Boulevard South SW Suite 104
Huntsville, AL 35802

256.586.4510

942 N. Main Street
Arab, AL 35016

Estate Planning Newsletter

Durable Powers of Attorney

If you become incapacitated, who is supposed to make decisions for you about the management of your property or your health care? A durable power of attorney allows someone you designate to act on your behalf. It is usually included as part of an estate plan.

A durable power of attorney is different from a non-durable power of attorney because it remains in effect even when you are incapacitated.

You are the “principal” when you create the durable power of attorney, and the “attorney-in-fact” is the person you appoint. Your attorney-in-fact may have the power to carry out all the same activities as you. An attorney-in-fact may be anyone close to you, such as a spouse, relative or close friend. In other words, an attorney-in-fact does not have to be an attorney.

Property Management

The attorney-in-fact designated for managing your property should adhere to your own standards of care. Also, this attorney-in-fact should:

  • Avoid conflicts of interest
  • Follow your directions
  • Keep regular contact with you
  • Maintain records of all transactions
Health Care

Your attorney-in-fact for health care has the duty to make health care decisions for you. Some states have simplified this process. For example, California has a Health Care Decisions Law that makes it easier to name someone to act on your behalf for medical treatment decisions.

More Than One Permitted

You may assign more than one power of attorney to carry out your property management or health care wishes. Usually, if there are 2 or more attorneys-in-fact, they must agree on what actions to take on your behalf.

  • Irrevocable Funeral Trusts
    If you are concerned that the cost of skilled nursing care or other long-term care will exhaust your savings and saddle your heirs with your funeral and burial expenses, then you may want to consider adding an Irrevocable Funeral Trust... Read more.
  • Taxation of Long-Term Care Insurance
    People are living longer, but for many a reality of aging is that at some point they are unable to care for themselves. The costs of retirement homes and in-home care are rising, generating concerns for many on how to pay for the cost... Read more.
  • Enhancing Retirement Lifestyles Through Reverse Mortgages
    Many are familiar with the concept of a mortgage, where an individual makes monthly payments to a lender. However, for those who qualify, there is another type of mortgage called a “reverse mortgage” (RM), where the lender... Read more.
  • Filing a Death Claim When an Insured Person Dies
    The beneficiary of a life insurance policy is the person entitled to receive the death benefit of the policy when the insured person dies. In order to collect on a death benefit claim, the beneficiary must usually comply with specific... Read more.
Estate Planning News Links
Designed and Powered by NextClient

© 2015 - 2019 Hawkins Law Firm, LLC. All rights reserved.
Custom WebShop™ law firm website design by NextClient.com.

Contact Form Tab