Financial Planning - Being prepared for the unexpected

or the expected.Best Choice Mobile Notary - CEO Sheri Marshall

Specialized in Powers of Attorneys, Wills, and Medical Powers of Attorneys

A written document signed by a person giving another person the power to act in conducting the signer's business, including signing papers, checks, title documents, contracts, handling bank accounts and other activities in the name of the person granting the power. The person receiving the power of attorney (which means agent) is "attorney in fact" for the person giving the power, and usually signs documents as "Melinda Hubbard, attorney in fact for Guilda Giver." There are two types of powers of attorney: a) general power of attorney which covers all activities, and b) special power of attorney which grants powers limited to specific matters, such as selling a particular piece of real estate, handling some bank accounts, or executing a limited partnership agreement. A power of attorney may expire on a date stated in the document or upon written cancellation. Usually the signer acknowledges before a notary public that he/she executed the power, so that it is recordable if necessary, as in a real estate transaction.

Make sure your family is protected..General Powers of Attorneys

Durable Power of AttorneyA special type of power of attorney that is used frequently is the "durable" power of attorney. A durable power of attorney differs from a traditional power of attorney in that it continues the agency relationship beyond the incapacity of the principal. Most often, durable powers of attorney are created to deal with decisions involving either property management or HEALTH CARE. Durable powers of attorney have become popular because they enable the principal to have her or his affairs handled easily and inexpensively after she or he has become incapacitated. Before the durable power of attorney was created, the only way to handle the affairs of an incapacitated person was to appoint a guardian, a process that frequently involves complex and costly court proceedings, as well as the often humiliating determination that the principal is wholly incapable and in need of protection.

With a durable power of attorney, on the other hand, a principal can appoint someone to handle her or his affairs after she or he becomes incompetent, and the document can be crafted to confer either general power or power in certain limited circumstances. Because no judicial proceedings are necessary, the principal saves time and money and avoids the stigma of being declared incompetent.

All fifty states recognize some version of the durable power of attorney. Versions of the durable power of attorney vary from state to state. Certain powers cannot be delegated, including the powers to make, amend, or revoke a will, change insurance beneficiaries, contract a marriage, and vote.

1 Revoking your Powers of Attorney – You will need a Revocation of Power of Attorney form. It’s free through Law Depot, A Notary, your Attorney.Decide Your Route of Revocation. - Are you revoking power of attorney to cancel a form that you have authorized or are you seeking to form a new power of attorney form? If you are looking to cancel the form then you will need a Power of Attorney Revocation Form' and if you are seeking to get a new form all you need to do is authorize the new form and the previous is automatically cancelled.2

Authorize Your Form. - The 2nd step is authorizing your power of attorney revocation form. The only person that needs to authorize the form is the person granting power of attorney. Unlike authorizing a new form, you do not need a notary to make this a legal document. 3Submit Your Form. - This is the most important step, because power of attorney is not registered with any government agency, the only way for your bank, hospital, or any institution to know you cancelled your form is to have the revocation on file. Make sure you let everyone know that has seen or knows of the power of attorney you signed originally that it is cancelled and that the person you assigned to act on your behalf no longer has the legal power.

A Living Will, also known as an Advance Health Care Directive or Advance Medical Directive, is a legal document that provides your family, doctors, and caregivers with information about what life saving measures you wish to be taken should there come a time when you are unable to communicate your wishes.

Living Will

Find your state’s living will statute. Please note that not all states have living will statues. If you live in a state that does not have a statute for advanced directives, you may want to consider appointing a health care representative to make your health care decisions for you. To locate your state’s statues, or determine that your state does not have living will statutes:

Living Wills continued

Living Wills Continued

States Witness requirements

Review the statute for an example form

A listing of each state’s witness requirements along with a link to its statute(s) concerning advanced medical directives and living wills can be found on Find Law’s website at http://estate.findlaw.com/living-will/living-wills-state-laws.html.

Many state’s living will or advance directive statutes contain an example or recommended form that you can use. You can do this yourself or hire an Attorney, Notary or a company that specializes in preparing Living Wills.

ADVANCE DIRECTIVE TO PHYSICIANSDirective made this 20th day of September, 2013Durable Power of Attorney for Health CareI understand that my wishes as expressed in my advance directive may not cover all possibleaspects of my care if I become incapacitated. Consequently, there is a possibility that someoneelse will have to consent or refuse certain medical interventions on my behalf if I am unable to doso.Therefore, I, John S. Doe, as principal, designate the person(s) listed below as myattorneyinfactfor all health care decisions.First Choice:Name: Jane B. DoeAddress: 100 Main StreetCity/State/Zip Code: NY, NY 10000Telephone Number: (555) 555 5555If the above person is unable or unwilling to serve, I designate:Second Choice:Name: Willis DoeAddress: 700 Main StreetCity/State/Zip Code: 100000Telephone Number: (555) 5550000

When I still possess the full capacity to make my own healthcare decisions, I willfully, andvoluntarily make known my desire that my life should be artificially prolonged under thecircumstances below, and do hereby declare that:(a) If I should be diagnosed, in writing, to be in a terminal condition by the attendingphysician, or in a permanent unconscious condition by two physicians, and where the applicationof life sustainingtreatment would serve only to artificially prolong the process of my dying, I directthat such treatment be withheld or withdrawn, and that I be permitted to die naturally. Iunderstand by using this form that a terminal condition means an incurable and irreversiblecondition caused by injury, disease, or illness that would, within reasonable medical judgment,cause death within a reasonable period of time in accordance with accepted medical standards,and where the application of life sustainingtreatment would serve only to prolong the process ofdying. I further understand in using this form that a permanent unconscious condition means an

Dying Without A Will: The Texas Intestacy Statutes

Dwight D. Eisenhower once said that “America is best described by one word: Freedom.” His quote basically sums up what makes America unique.We Americans relish our freedoms. We want to live how we like and spend our hard-earned money on what we want. And we resist when the government tries to interfere with our lives. However, less than half of all Americans have even the most basic estate planning documents. As a result, they voluntarily give up their freedom to decide what will happen to their assets when they die.The law gives you the freedom to decide how and to whom your assets are distributed when you die by making a will. But if you die without a will, your assets will be distributed according to a statutory formula that doesn’t take into account your wishes and unique circumstances.Below is a summary of the way the assets of those who die without a will in Texas are distributed.

Intestate Distribution For Single People With No Children

If a you are single and die without a will in Texas, the Texas Probate Code dictates that your assets will be distributed as follows:Your estate will pass equally to your parents if both are living. If only one parent is alive, and you don’t have any brothers or sisters, then your entire estate will pass to your surviving parent.However if you do have siblings or descendants of siblings (nieces and nephews), then your surviving parent would receive only half of the estate, and the remaining one half would be divided among your siblings or their descendants.All of your estate would pass to your siblings or their descendants if you have no surviving parents.If you have no surviving descendants, parents, siblings, or descendants of siblings, then the estate is divided into two halves with one half passing to relatives on your mother’s side of the family and the other one half passing to relatives on your father’s side.If one side of the family has completely died out, the entire estate would pass to the surviving side of the family.On rare occasions, when an unmarried person dies without any surviving heir, his estate will pass to the State of Texas.Perhaps you have a close friend who you would have wanted to share in your estate. That would not be possible without a will. If you do not have any children, then your surviving spouse will inherit all of your community property.

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If you are not married (this includes being widowed or divorced):Your children will inherit all of your property equally. If any child has died before you, his share will go to his children. If he has no children, it will go to your surviving children. If a child of a deceased child is also deceased but has left a child of his own (your great-grandchild), that great-grandchild will get its parent's share of your estate, and so on.If you have no children, your father will inherit half of your property, and your mother will inherit the other half. If either parent is deceased, your siblings will inherit that parent's share. If a sibling is deceased but has left a child (your niece or nephew), that child will inherit its parent's share, and so on. If a sibling is deceased and has left no children, the surviving siblings will take that sibling's share. If neither of your parents nor any of their descendants survive you, your grandparents will inherit your estate equally. If either grandparent has died before you, their descendants (your aunts, uncles, and cousins) will inherit your estate.

Estates without written Wills

Heirship Proceeding -- $4,000 minimum, but could be much higher

If there is no will and the estate is worth more than $50,000 (not including the homestead and certain non-probate assets), it may be necessary for a judge to determine who the heirs are. The judge may appoint an "attorney ad litem" to represent the interests of potential or "unknown" heirs. The exact cost depends on the number of heirs and the complexity of the estate, but is generally more expensive than probating a will. Furthermore, if property passes to minor children, it may be necessary to establish a guardianship, which can be very costly.

The fee listed above does not include county filing fees, court costs, or the fee of the attorney ad litem.

Small Estate Affidavit -- $800 + $150-200 court costsIf there is no will and the estate is worth less than $50,000 (not including the homestead and certain non-probate assets), the estate may qualify for this procedure. The cost depends on the number of heirs and the difficulty in reaching them, but is generally much less expensive than an heirship proceeding. However, if property passes to minor children, it may be necessary to establish a guardianship, which can be very costly.

The Importance of a Last Will and TestamentDespite recognizing the importance of having a Last Will and Testament, as many as two-thirds of adult Americans don’t have one. The reasons for this range from simple laziness to discomfort at the thought of one’s own death. For many, thinking about their own death makes the concept real. As long as they can avoid thinking about it, they can ignore the inevitable.Unfortunately, failing to plan for one’s death won’t prevent it from happening. Because of that, it is important to write a Last Will and Testament.

Every Adult Needs a Will – No Excuses

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SHERI MARSHALL 512-853-9534 or 512-461-8510smarshall074@gmail.com