What does the line below mean in a will?: "I direct that no bond or undertaking shall be required of any of my Eexecutors or Trustees above named for the faithful performance of their duties hereunder."
Jeffrey’s answer:
In many states, the probate code requires bond to be purchased by the personal representative or executor unless that requirement is waived in the will. The line you reference is waiving the requirement that the executor or personal representative purchase a bond.
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Disclaimer: This response does not constitute legal advice, and should not be relied on as such since each situation unique and based on a certain set of facts. Further, this response does not create an attorney-client relationship. A lawyer, properly retained, and experienced in the subject area and licensed to practice in the jurisdiction should be consulted for legal advice.
Circular 230 Disclaimer - Any information in this comment may not be used to eliminate or reduce penalties by the IRS or any other governmental agency.
What document do I need to allow my daughter to access my checking, savings and 401K following my death?: Will a Durable Power of Attorney do this?
Jeffrey’s answer:
Powers of attorney cease conveying power to the attorney in fact upon your death, so a POA will not accomplish this.
It is unclear whether your goal is to give these accounts to your daughter or to allow her to manage them until they are distributed in accordance with your will/trust or to the designated beneficiary. Depending on your goal and the type of account (whether it is a payable on death account or not) the answer will be different. You should set up an appointment with an estate planning attorney in your area to go over your options.
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Disclaimer: This response does not constitute legal advice, and should not be relied on as such since each situation unique and based on a certain set of facts. Further, this response does not create an attorney-client relationship. A lawyer, properly retained, and experienced in the subject area and licensed to practice in the jurisdiction should be consulted for legal advice.
Circular 230 Disclaimer - Any information in this comment may not be used to eliminate or reduce penalties by the IRS or any other governmental agency.
Changing power of attorney: My mother is not capable of speaking or writing. She is paralized on her right side. My sister got power of attorney without my mother's signature because she is incapable of writing or speaking as I said.
Jeffrey’s answer:
Your mother's disability potentially raises the question of her competency to create a power of attorney. If her disability is purely physical many states, through either statute or case law, allow an alternative type of signature like a mark or someone else signing on your behalf and at your direction. Depending on your mother's mental capacity and the procedure followed this may or may not be a valid power of attorney. Either way, you should seek the advice of an attorney licensed in North Carolina and experienced with these types of issues for a conclusive answer.
If you found this answer helpful, please consider clicking on the thumbs up symbol at the bottom.
Disclaimer: This response does not constitute legal advice, and should not be relied on as such since each situation unique and based on a certain set of facts. Further, this response does not create an attorney-client relationship. A lawyer, properly retained, and experienced in the subject area and licensed to practice in the jurisdiction should be consulted for legal advice.
Circular 230 Disclaimer - Any information in this comment may not be used to eliminate or reduce penalties by the IRS or any other governmental agency.