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Keeping forward motion is crucial to your journey as a 1st generation financially successful person. Your legacy is your family’s new financial trajectory. We are rooting for you, every step of the way! Cheers to your financial success, your mental well-being, and the pursuit of caring for your family for generations to come.
♦Power of Attorney♦
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General Financial Power of Attorney (POA) is used to appoint an agent to handle your financial affairs, but it becomes void when you become incapacitated.
Durable POA is used to appoint an agent to handle your affairs in the event you become incapacitated but it expires upon death. Why? People can no longer legally own property after they're deceased; thus, POAs are handling affairs of living persons.
Generally, probate is required to transfer decedent’s property to living heirs unless...you’re listed as co-owner of their bank account or even on the deed to their home, giving you "rights of survivorship." The living co-owner of the account or the property passes automatically and directly upon the death of the other co-owner.
Probate of these assets would not be needed.
Now for the debts. POAs are not legally responsible for decedent’s debts or taxes.
However, POAs would be responsible for paying debts on which POA co-signed with the deceased, just as the POA was during deceased lifetime.
Generally, all wills are probated.
Have Good Stewardship over your Money!
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Estate planning may be the most difficult but necessary conversation of a 1st generational financially successful professional.
Estate planning is the process of anticipating and arranging for the management and disposal of a person's estate during the person's life in preparation for a person's future incapacity or death.
This information is not legal advice; but, intended to point you in the right direction.
Conduct due diligence and seek professional, expert advisement from a fiduciary wealth management attorney or firm.
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