Want To Save Yourself Thirty Minutes?
The Legal Aid Society of Mid-New York, Inc. works with the Office for the Aging to provide free legal services to Broome County seniors age 60+ who have an economic or social need for legal services. The program helps with simple wills, powers of attorney, health care proxies, living wills and simple real estate matters. The following is a sampling of misperceptions we regularly encounter. Maybe after reading this article, you will have saved yourself a thirty minute trip to your attorney’s office.
“My health care proxy has expired because it is more than five years old.” This statement is false. Unless you have specified an expiration date on your Health Care Proxy, it doesn’t expire. Even so, it is important to review your planning documents every so often to be sure they still reflect your wishes.
“I can “put” my children on the deed to my home and then take them off in the future if we have a falling out.” This statement is also false. Seniors, as a part of Medicaid planning, may hire an attorney to “put” their children on the deed to their home while retaining a life estate for themselves. If you do this, you are no longer the sole owner of your property and any person added now has a legal interest in the property. If you change your mind, you cannot (1) change the names on the deed by yourself, and (2) you cannot unilaterally sell the property. To do either of these would require consent of all persons who hold a legal interest in the property. Deed transfers can be an important planning tool, but you should think carefully and consult with an attorney before doing it.
“I need a Power of Attorney because that person will take care of my personal/financial affairs after my death.” Again, this statement is false. A power of attorney allows you to appoint an “agent” to act on your behalf during your lifetime only. The agent’s power ends upon your death. A power of attorney is a helpful tool to ensure that you have appointed a trusted person to handle your financial/personal matters during your lifetime if you become incapacitated.
For more information, call Legal Aid at 231-5900.
Posted: 7/10/2011 7:00 am
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