PROTECTING THE FINANCIAL SECURITY OF OLDER AMERICANS: Free Guides from the Consumer Financial Protection Bureau
March 2, 2014 Comments Off on PROTECTING THE FINANCIAL SECURITY OF OLDER AMERICANS: Free Guides from the Consumer Financial Protection Bureau
Older Americans face financial risks and challenges that differ from those faced by younger Americans. In particular, older Americans may find it necessary, at some point, to turn over management of their financial affairs to a relative or trusted caregiver. Doing so often means the use of a power of attorney, a revocable living trust, or a court-appointed guardian or conservator. But many older Americans and their relatives and caregivers misunderstand the duties and responsibilities (and potential liability) of a person who manages the finances of another under these legal tools.
Fortunately, the Consumer Financial Protection Bureau recently published three guides designed to help older Americans and those who are asked to manage their finances. These guides address the fiduciary responsibilities of: (1) agents under a power of attorney; (2) trustees under a revocable trust; and (3) court-appointed guardians and conservators. The guides are available at no cost and downloadable at the following links:
- Managing Someone Else’s Money: Help for Agents under a Power of Attorney
- Managing Someone Else’s Money: Help for Trustees under a Revocable Living Trust
- Managing Someone Else’s Money: Help for Court-Appointed Guardians of Property and Conservators
We hope you find these resources helpful. If you need more information about your legal rights and responsibilities, or for more information on our legal services, please call (480) 275-8738 or use the “Contact Us” page on our website.
November 15, 2013 Comments Off on THE VALUE OF A WILL (PREPARED BY AN ATTORNEY)
When making a will, some people overlook the value that an attorney can add to the will-making process and turn to document preparers, forms, or software programs. Attorneys add value to the process because they are trained in the law of wills and can draft a will that uses the law to achieve the testator’s intent. Every individual and married couple has different life circumstances and brings different priorities and concerns to the will-making process, such as issues involving minor children, prior marriages, and adult stepchildren. An attorney has the knowledge and skill to consider each individual’s and couple’s unique situation and to draft a will or wills designed to minimize potential problems.
In a recent presentation, I discussed several advantages to having a will prepared by an attorney, including:
- Moderating the burden on loved ones at a time of loss
- Control over the distribution of assets (who gets what)
- Decisions related to blended families and second marriages
- The downside of intestacy (not having a will)
- The limitations of document preparers and form kits
The slides from my presentation on The Value of a Will Prepared by an Attorney provide an overview. For more information on making a will and the legal services offered by the Law Office of James D. Griffith, P.L.L.C., please call (480) 275-8738 or use the “Contact Us” page on our website.