Part of creating a trust is determining who is best suited to handle different situations that could arise. During the trust design process, we will help you brainstorm who could make a good agent for your power of attorney, successor trustee, or member of your incapacity panel. The same person might not be the best fit for each role. Let’s take a look at each type of position and the responsibilities it encompasses: Successor Trustees Successor trustees manage your assets for you in ...
Who Does What in My Estate Plan — Or What is a Fiduciary?
We've had some questions lately about the roles people play in estate plans. These people (which lawyers call a "fiduciary"), include your personal representative, your trustee, your "agents," and the guardians for your minor children. Personal Representative Your Personal Representative (or "PR") is a person you designate in your Will. His or her job is simply to wrap up your financial affairs after you die. (The out-of-date name for this job was the "executor." We don't use that term ...
Good News On The Medicare Front
A bipartisan bill has been introduced in the U.S. Senate that would create a new Medicare benefit known as “planning services.” Patients with an advanced or terminal illness who are on Medicare would be allowed to work with an interdisciplinary team to help the patient figure out his or her wishes for future treatment and to articulate those wishes in the form of an advanced directive. The doctors on that team can be reimbursed by Medicare for this service. (Right now, no such provision ...
Living Wills, Powers Of Attorney, And You
For many people, especially young adults, the thought of getting a will is a foreign concept. Many people assume they don’t need one unless they are rich, have kids, etc. I will leave the subject of a will for another post, but I want to make the case that everyone, including young adults, need to have a living will and a durable power of attorney for health care. A what what with a what what? A living will (which confusingly has nothing to do with a “will”) is simply a document in ...
