Durable Power Of Attorney
Q.
A.I have only heard in seminars what the durable power of attorney is all about and I am not an attorney. A durable power of attorney actually only sidesteps the actual conservatorship process but does not have any legal effect at all after an individual passes away. In affect, while an individual is alive, you can either for financial or for health reasons manage the affairs of their estate as a conservator (usually if you take care of an ill or elderly person with a house and no family) until such time that the person passes away, but offers NO form of estate planning nor anyway of avoiding the probate process. In this situation, if a person dies intestate (without a will or a living trust), then you still have to go through the process of probate. Depending on your estate planning needs, the state you live, and the person's age (among other factors) will depend on whether you plan your estate through the use of using a will or leaving the estate in a trust. If some type of planning is not accomplished, the process of paying probate process, inheritance, estate, and/or capital gains taxes may apply to you and could actually take up to 80% of your estate before the proceeds of that estate are actually distributed. furthermore, probate proceedings in a normal sized estate take about 8-18 months to settle, if you have an attorney who is doing his or her job. Elvis Prestley's estate took about 18 years to settle and the estate taxes cost about 73% of the family's estate and 18 years to settle after the death of Elvis. Getting a living trust and giving part of a gift to charity after a person passes away is a great way to avoid many of the tax burdens and processes of the laws of the states after a person passes away.
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