Understanding Power of Attorney, Living Will and Other Legal Terminology
Probate, power of attorney, advanced directives…there are seemingly countless legal terms that pop up when you’re caring for aging loved ones. Being unable to make sense of it all can also be a barrier to getting your own legal plans in place.
In this episode, attorney Kelly Caperton Walling brings her knowledge of probate court, estate planning, guardianship, and business law to the table. She explains these terms in a friendly, simple, and straightforward way - drawing from her experience drafting documents and handling disputes related to these topics in her own practice.
- What is power of attorney? And when should you set it up?
- What can family members do when their loved one is mentally incapacitated?
- What is a living will?
- What’s involved in estate planning?
- What does probate mean?
- Power of attorney
- Estate planning
- Advanced directives
- Probate / trusts
- Preparing your will
Takeaways from this episode:
- If you’ve set up a financial and / or medical power of attorney, someone who loves you and looks out for your best interests can make decisions for your care if you’re unable.
- Without selecting someone as your power of attorney, you could get in a guardianship, which is time-consuming, expensive, and involves legal participation from judges and lawyers.
- Estate planning involves making a will, choosing a power of attorney, having a HIPPA release, and creating an advanced directive (aka ‘living will’).
- ‘Probate’ is the process of managing property when someone dies - figuring out debts, beneficiaries, and more.
- Trusts are a legal vehicle and entity of the IRS where you can deposit assets as the beneficiary, which a trustee would then manage and help distribute according to your terms.
- The more you put in a trust, the less you have to deal with it in probate - and beneficiaries can get to it faster.
Resources mentioned in this episode:
Kelly Caperton Walling's website:
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