A power of attorney is a standardized legal form created by statute that gives an agent the ability to act on behalf of the principal in the event that he or she becomes disabled or incapacitated. It is particularly important to keep a Power of Attorney up to date as well as periodically review the document in order to add enumerated powers or update it in accordance with new case law or life circumstances, even if the agents remain the same. Continue reading “Update Your Power Of Attorney to Reflect Changes in the Law”
Whether it’s through social media, online bank accounts, PayPal or email, today many people are storing their personal information and finances online. When an individual passes away, his or her online accounts will continue to remain active. For this reason, it is important to account for digital assets in an estate plan. By defining what assets an individual owns and how to access them, a person will ensure that their loved ones can access online accounts that may have sentimental, financial, or practical value. Additionally, making these accounts available to beneficiaries after death can prevent them from falling into the wrong hands, resulting in fraud or hacking.