We have just opened a new satellite office to better serve our clients in the Hampton area.
Our Hampton office is in the Peninsula Town Center with an address of:
Kristina Beavers, Attorney at Law
4410 Claiborne Sq, Suite 334
Hampton, VA 23666
You can use the same phone number of 757-234-4650 to access us at either office (don’t you just love technology!)
To learn more about Kristina Beavers, Attorney at Law, check out our website at www.BeaversLaw.com
I talked recently about whether or not you need a Power of Attorney, and my answer was a resounding ‘YES’. The next question is, Who should I name as my Agent in my Power of Attorney?
I know it is scary giving power to someone else. Your agent under your Power of Attorney is usually given the power to spend your money, invest your money and usually to do just about anything you can do yourself.
So, why would you want to give this much power to someone else?
As long as you are competent to make your own decisions, you probably don’t want anyone else to have this much power over your ‘stuff’. But what about the situation when something happens to you? What if you are in a car accident and end up in a coma? What if you get sick and aren’t able to communicate? And for a lot of us, what if you get older and your mental capacity is in question? When those things happen, it’s too late for you to appoint someone.
The problem is that most of us don’t have a crystal ball that tells us when we are going to need to have an agent take over our ‘stuff’.
I’ve always thought that if I have someone that I would trust to do what’s right when I don’t have the ability to know what they are doing, then why wouldn’t I trust them to do the right thing when I’m still able to look over their shoulder?
Who should you name? Someone you trust to do what you would do yourself. Someone you trust to make the best decisions for you.
Sometimes that is a spouse. Sometimes that is a child. And sometimes it is a really good friend or a neighbor.
If this is something you are wondering about, come in and we can have a chat. I may not have all the answers, but I can ask you some questions to help you make the right choice.
Most people think they need a Will (or perhaps a Trust). A Will describes what to do with your ‘stuff’ after you die, and yes, we are all going to die.
But, what happens to your ‘stuff’ if you are still alive but incapacitated in some way? How will your bills be paid if you are in a coma? Who will make decisions if you suffer from dementia or have a heart attack and end up in the hospital for awhile?
If you have a Power of Attorney, you get to choose who will make those decisions, and those decisions can be made as soon as needed. If you do not have a Power of Attorney, someone can petition the Court to appoint a conservator. It might be the same person you would have chosen, but the Court might appoint someone else. Someone you would not have wanted to have that control over your affairs. And it won’t be done immediately because it just takes time. So your perfect credit rating can be tarnished when your payments don’t get processed before they are late.
Also, if you have a Power of Attorney, you get to decide what your Agent can do. For example, you get to decide if you want your Agent to make gifts above the tax free limit each year if that’s in your best interest.
In fact, the Power of Attorney can be the most important document in your Estate Plan. And the answer is Yes, I think you do need a Power of Attorney.
My birthday is this month and I’ve always thought that birthdays should be special.
Since I like to-do lists, I also make a special to-do list for things I try to do on my birthday.
I try to take the day off from work. I try to have a special dinner. I try to spend the day with my favorite people.
and…I try to think of what might happen in the next year so I can plan for those things.
yes, this also includes things that I may not really want to have happen, like an accident or illness.
that’s why I also have reviewing my estate plan, and especially my Power of Attorney documents as part of my birthday to-do list.
Welcome to 2010!
I love the start of a New Year! It’s a time to reflect on the events of the past year and to make plans for what is coming up in the new year. It is also a time to make our resolutions.
One of my resolutions is to review my own estate plan to make sure that it still fits my needs.
There have been some changes to the makeup of our family during the past year, and the addition of another pet. I want to make sure that these changes will be handled correctly in my estate plan. And I want to revisit my General Durable Power of Attorney and Advance Medical Directive to see if they need to be changed.
An estate plan is not a ‘do it once and put it away’ type of thing. It should be reviewed regularly. Think of it as an annual checkup – only for you estate plan and not your health.
That’s why our January Special is a complete review of your current estate plan for only $100!
Call the office today to schedule your estate plan checkup! We can be reached at 757-234-4650.
I hope you all have a Wonderful New Year!
