GREENSBORO, N.C. — Can you inherit your parents' debt?
Won't my kids or spouse just get everything I have?
If I asked a couple to be my kids' Godparents, isn't that enough?
All of these questions will be answered were answered by Attorney Just Ervin of Johnson, Peddrick, and McDonald, PLLC.
Financial Power Of Attorney.
The financial power of attorney is the first thing to consider. This gives someone the ability to make financial decisions on your behalf. They can go into effect whenever you decide. However, most people design them to go into effect once the principal or the person who’s giving the authority dies or otherwise can no longer make decisions for themselves.
Let’s say you get sick and fall into a coma, you don’t just need someone to be able to make financial decisions but medical ones too.
Health Care Power of Attorney will allow someone to make medical decisions on your behalf. A living will is a bit of a more direct route. It can record your wishes about healthcare decisions. The living will goes straight to doctors and medical professionals.
WILLS
As you know, a will can also layout your decisions for what will happen with your assets once you pass away. However, your property will remain in your name until that happens. A living trust puts the property in a designated person’s name while you’re alive. It may distribute the property more efficiently.
Make sure there are carefully written documents to implement the plan. Review it every 3-5 years or when there are changes in health, family, finances, or the law. Keep your financial advisor, CPA, or another tax expert in the loop with these plans.
Legal Aid of NC can help answer some of your questions and point you in the right direction, for free.