Durable Power of Attorney?

[rocko]

What is the name of your state? Tennessee i have a small savings that i hope to be able to leave to my three kids. one daughter is very good with money. she will know how to handle my affairs with any money matters..while i'm still here or later. there is no problems with the other two kids on this. i just want to be legal. can i write my wishes on a piece of paper? or get a durable power of attorney? can i use a simple fill-in-form for that?

 

[recycbride]

durable power of attorney

Rocko--Not an attorney but you should know that a "power of attorney" is only good while you're alive--the moment of your demise, the person who you appoint to be your power of attorney (attorney in fact) looses those rights--Any attorney can draw up the document for you and make sure you trust the person you are appointing to be your "attorney in fact"

 

[rocko]

Thanks

Thank you for your reply. I didn't know that about the POA & death. Seeing that the other kids don't mind, I think I will just write it down on paper & have a witness. Think that will be ok?

 

[recycbride]

POA

Rocko--I would have an attorney draw up the POA--shouldn't cost much, that way it is worded correctly and wouldn't cause any future problems

 

[Dandy Don]

Do you have a spouse? If so, then he is going to be entitled to a third of this money.

Yes, you can do a do-it-yourself will if you wish--visit any local office supply store or bookstore or visit www.nolopress.com and you can find generic will kits there.

Your signature must be witnessed by 2 people who ARE NOT beneficiaries.

How much money is in this account? If your estate does not meet the minimum amount of value for your county, will and a probate procedure will not be needed anyway. It would be easier and more convenient for you to have your daughter's name added to the bank account as beneficiary so that when you die the money automatically becomes hers and then if you have left her instructions she will know how you want it shared with the other children and no probate will be necessary.

 

[rocko]

My husband passed in Sept 02. it's a small savings & depending on wall st. & the length of time i have left...LOL i know eventually, i will have to use some of it. social security does doesn't cut it for long. thanks for your reply.