Lawvex, LLP Madera

Durable Powers of Attorney (DPOA) allow you to designate someone you trust (called your "agent") to handle financial matters for you while you are alive but incapacitated. It's "Durable" because you create the DPOA while you have legal capacity and it will be effective even after you no longer have capacity to make your own financial decisions. So it is "durable" to survive your incapacity. The information provided here does not, and is not intended to, constitute legal advice; instead, all information available on this site is for general informational purposes only.

An Advanced Health Care Directive is a legal document that tells the hospital who can make medical decisions for you and specifics about what you want. AHCDs have at least 3 parts: 1. Health Care Power of Attorney (who can make decisions for you) 2. Living Will (what your wishes are regarding life sustaining treatment, special medical wishes, funerary arrangements) 3. HIPAA Consent (in California a separately signed HIPAA release provides your consent for your agent under your Health Care Power of Attorney to receive your Private Health Information under HIPAA) An AHCD is an essential part of every estate plan for every adult (even starting at age 18!) The information provided here does not, and is not intended to, constitute legal advice; instead, all information available on this site is for general informational purposes only.

Once a young adult turns 18, parents no longer have the right to their children's Private Health Information under federal HIPAA law and no longer have the right to participate in consent to treatment or make any medical decisions whatsoever - UNLESS - the adult child has previously created legal documents that authorize it. The information provided here does not, and is not intended to, constitute legal advice; instead, all information available on this site is for general informational purposes only.

An Executor is the person responsible for ensuring the wishes of the deceased are properly fulfilled. Depending on the size and complexity of the Will, this can be a lot of work. If you have been nominated in a will to be an executor, make sure you take some time to read about the primary responsibilities that you will have. Also, understand that an executor named in a will has no authority to do anything with the estate until formerly appointed by the probate court. The main responsibilities of an executor are: 1. Gather all relevant legal documents 2. Notify relevant parties 3. Find and manage assets 4. Distribute Assets. The information provided here does not, and is not intended to, constitute legal advice; instead, all information available on this site is for general informational purposes only.

It is important to have a reserve of money in order to handle any little surprises that might come up after the court approval of an estate plan, such as IRS audits or unhappy beneficiaries. Trustees may need the money set aside from trust assets to pay for professional services such as accounting, tax preparation, and legal advice. The lack of a reserve fund could put the trustee in considerable financial jeopardy. Basically, a trustee should make sure that he or she has enough money in the reserve to cover any final expenses associated with distributing the trust property. The information provided here does not, and is not intended to, constitute legal advice; instead, all information available on this site is for general informational purposes only.

Trust accounting is a detailed record that includes information about all income and expenses of a trust. It is important because it helps fulfill a trustee’s duty to keep beneficiaries fully informed of the status of the trust administration. To properly account to the beneficiaries of the trust, a trustee needs to maintain detailed records that adequately reflect: - Assets - Transactions - Liabilities - Persons hired by the trustee Moreover, records related to asset values as well as transactional invoices and receipts need to be properly stored. This record should contain some basic information such as, who has received money from the Trust account, what they have purchased with the amount of money, and when and from whom the amount was withdrawn. The information provided here does not, and is not intended to, constitute legal advice; instead, all information available on this site is for general informational purposes only.

A trustee holds property for the benefit of somebody else. A trustee is a caretaker and fiduciary of the trust’s assets. A trust is an agreement between two people to hold some property for the benefit of a third person. The information provided here does not, and is not intended to, constitute legal advice; instead, all information available on this site is for general informational purposes only.

When someone passes away without a Will, and they have enough assets, their estate will go through California probate court to determine what happens to their assets. Probate court is often necessary even with a Will, but without one, the court will distribute to the heirs at law rather than the beneficiaries of the Will. In this situation, assets will pass to family members based on the deceased’s family situation. The information provided here does not, and is not intended to, constitute legal advice; instead, all information available on this site is for general informational purposes only.

Probate is the court-supervised process that gives recognition to a will and appoints the executor of an estate to transfer property upon one’s death pursuant to the terms of a will. The information provided here does not, and is not intended to, constitute legal advice; instead, all information available on this site is for general informational purposes only.