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Three reasons to put a power of attorney in place

Originally posted on 11/08/2016

A legal document with the title power of attorney rests on an office desk with a legal pad and a business pen on top.While no one wants to think of the unfortunate possibility of being incapacitated or of a time when we can't handle our own affairs, this circumstance is a real possibility. If something happens and this becomes a reality, having someone designated to make important decisions for you is a necessity.

Here are three good reasons to set up a power of attorney (POA) for yourself or a loved one:

1. Make handling financial transactions easier

The POA will be a trusted person you designated to handle your finances if you can't. The POA will be able to pay bills, access your accounts, sell assets, if necessary. This designation and document allows your affairs to be handled, which helps your family complete transactions and meet deadlines for things such as bills.

2. Reduce arguments among family members

Making an important decision like who will act as power of attorney for someone can alleviate problems later. Family members will know who has the final say in matters.

3. See healthcare wishes carried out

The last thing you want in the event that you can't speak for yourself or are unconscious is for people to not know your wishes about health and quality of life. A POA can make decisions to align with your wishes about healthcare and your finances.

Important Documents involved in Power of Attorney Estate Planning

While there are multiple documents involved in estate planning, two of the important power of attorney documents can provide a good start for you and your loved ones.

  • A financial POA can allow a designated person access to your accounts and pay bills on your behalf.
  • A healthcare POA can make it clear who is in charge of medical decisions, such as do not resuscitate orders (DNR) or how long a person should be kept on life support. Having this spelled out in a healthcare directive also avoids confusion and guilt caregivers may feel because they will already know what your wishes are.

Partner with an Experienced Estate Planning Attorney

Setting up a power of attorney can give you peace of mind. This can also be a gift you give your loved ones because they won't have to deal with extra obstacles while acting on your behalf. Do you have a power of attorney in place? Who would you trust to carry out your wishes? Give the legal team at Aldrich Legal Services a call today to address your power of attorney and estate planning concerns.

MICHIGAN WILLS/TRUSTS 33: Trustees required to provide notice informing recipients that they may challenge the validity of a trust and the period allowed for bringing such a challenge.

The notice sent clearly advised her that if she wanted to contest the validity of the Trust in a judicial proceeding, the law required her to do so within six months from the date of the letter. Nothing in the statute requires a trustee to inform the recipients of the specific legal consequences of not acting during the time allowed.

MICHIGAN REAL ESTATE 97: The court imposed a constructive trust on defendant’s one-half interest in the property in favor of plaintiff.

The trial court found that plaintiff sustained her burden of establishing that a constructive trust was necessary to prevent defendant from being unjustly enriched. Accordingly, the court imposed a constructive trust on defendant’s one-half interest in the property in favor of plaintiff and ordered defendant to convey his interest in the property to plaintiff.

MICHIGAN REAL ESTATE 95: Property owners did not place a condition upon the delivery of the deed; rather, they delivered the deed to themselves.

When the delivery of a deed is contingent upon the happening of some future event, title to the subject property will not transfer to the grantee until the event has occurred. However, in this case A and J did not place a condition upon the delivery of the deed; rather, they delivered the deed to themselves, then deposited the deed with their attorney with the instruction to record the deed only upon the happening of a future event, thereby placing a condition only upon the recording of the deed.

MICHIGAN PROBATE 57: Brother granted permanent guardianship of siblings.

At a multiday hearing to address the extension of the guardianship, the eldest children, the mother’s relatives and friends, and school personnel testified regarding the mother’s care of the children, appellant’s treatment of and interaction with the children, and the eldest siblings’ role in aiding the mother to raise the children.

FAMILY LAW 88: The trial court found that the children did not have an established custodial environment with defendant because, before the separation, he did not have a large role in the children’s lives.

The trial court credited plaintiff’s testimony that, before the parties’ separation, defendant spent minimal time helping to care for the children, so its finding that the children would not have looked to defendant for guidance, discipline, the necessities of life, and parental comfort during that time was not against the great weight of the evidence.

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