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What Is a General Power of Attorney? A general power of attorney gives an agent broad authority to act on the principal's behalf in a wide variety of situations, such as signing documents, buying ...
Estate planning may involve a will, trusts, beneficiary designations, powers of appointment, property ownership (for example, joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gifts, and powers of attorney (specifically a durable financial power of attorney and a durable medical power of attorney).
The holder of the power refers to the document creating the power in his or her will and designates who among the permissible objects of the power should receive the property. The power could be exercised by creating further trusts. If the power of appointment is not exercised, the default provision of the document that created the power takes ...
Objects. The beneficiaries of the trust must be clearly identified, [17] or at least be ascertainable (Re Hain's Settlement). In the case of discretionary trusts, where the trustees have power to decide who the beneficiaries will be, the settlor must have described a clear class of beneficiaries (McPhail v Doulton). Beneficiaries may include ...
When creating a trust, there … Continue reading → The post Beneficiary vs. Trustee: Estate Planning Guide appeared first on SmartAsset Blog.
Continue reading → The post Attorney-in-Fact vs. Power of Attorney appeared first on SmartAsset Blog. When you need someone to make legally binding decisions on your behalf, you grant them that ...