By: Thomas Law Group On: September 15, 2014 In: Estate Planning Comments: 0

If you have aging loved ones, you can help them and your family ward off potential crisis by encouraging them to get a basic estate plan in place. The basic plan should include a Last Will and Testament for the disposition of their property upon death, a Durable Power of Attorney authorizing the “agent” to act in a broad range of financially related circumstances, and a Power of Attorney for Health Care authorizing an agent to act in health care decision making. Powers of Attorney are lifetime documents which can allow family members to make decisions for a loved one who is no longer capable of making decisions for themselves. The need for Powers of Attorney can arise at any time prior to death when dealing with financial institutions, lenders, health care facilities or when trying to open or close vender accounts for the family member. While making a Will is encouraged for most people, it is increasingly desirable to identify transfer or payable on death beneficiaries for many assets, including motor vehicles, bank accounts, real estate, investment holdings and life insurance. This is a more direct (and hopefully more efficient) manner to transfer assets from one person to another upon death.