I'm back from the dead.

[C. Bormann]

I could use a POA, but everything else is in order.

[nbr3bagshotrow]

Originally Posted by C. Bormann

I could use a POA, but everything else is in order.

Something everyone should do! Glad you are still here and collecting!

[Juggernaut]

Hey good thing you followed your instincts on your health.

@ Keith.

Why is a POA or will so important?

Don't next of kin inherit anyway, will or not?

[Tetragrammaton]

Assuming it works the same way in the States, the power of attorney is important if you become incapable of making your own decisions. Without a POA on record, the family may not have access to your finances or make certain decisions on your behalf. It also provides guidelines so your family doesn't make decisions that would go against your wishes.

[Tetragrammaton]

This reminds me I need to get my own affairs in order. Need a new will and a POA is never a bad idea.

[Underdog07]

Originally Posted by nbr3bagshotrow

Just wondering if this event caused you to "get your affairs in order" (e.g. Will, power of attorney, list of where everything can be found)?

These are tough things to face -- Though Everyone needs a will. It helps protect the family and you can get advice re setting up trusts for spouse and kids. You can get life insurances issues resolved as well.

Poa can be done at the same time. Visit a local attorney and it can be done quickly and probably for under $500.

There really is no excuse not to have these if you have children. That said I did not have one when I was battling cancer bc of the mental hurdle of getting one

[Underdog07]

Originally Posted by Juggernaut

Hey good thing you followed your instincts on your health.

@ Keith.

Why is a POA or will so important?

Don't next of kin inherit anyway, will or not?

Generally Estate law is not that simple if you have multiple kids. A spouse inherits all tax free. Kids do not.

So when the second spouse dies, if there is no will the children will fight and lose a lot to taxes. A will and trusts can protect against some of that but there are hoops to jump through.

For example, my life insurance policies are in a trust. Because of that we need a special trust bank account to pay for the insurance, it can't come from our personal accounts.

I am not a tax or trust/estates attorney. This is just info I got on the topic from my attorney.

[nbr3bagshotrow]

Originally Posted by Juggernaut

Hey good thing you followed your instincts on your health.

@ Keith.

Why is a POA or will so important?

Don't next of kin inherit anyway, will or not?

Really what you need is a Medical Durable Power of Attorney for Health Decisions.

Basically assigns someone the ability to make Medical decisions should you be unable to.

[C. Bormann]

Originally Posted by Underdog07

Generally Estate law is not that simple if you have multiple kids. A spouse inherits all tax free. Kids do not.

So when the second spouse dies, if there is no will the children will fight and lose a lot to taxes. A will and trusts can protect against some of that but there are hoops to jump through.

For example, my life insurance policies are in a trust. Because of that we need a special trust bank account to pay for the insurance, it can't come from our personal accounts.

I am not a tax or trust/estates attorney. This is just info I got on the topic from my attorney.

I am single with no children. So, I need the will and POA to define who gets what and who makes the decisions.

[Rocket]

Oh man Chris I totally missed this on Facebook mate!! You've just made me realise how important it is to tell people things while you can so I always wanted to say you are a true gentleman always there with something nice to say!