Quote:
Originally posted by Trixxxia
Maybe I'm retarded here - your 'living will' terminates the moment you die - then youf 'will' goes into effect. So basically, if they didn't transfer everything before your heart stopped beating - it falls under the 'will' and not 'living will' -
Your statement:
It is everday common to have a "living will" drawn up and is 100% legit...that makes you rank among the dumbest not to be aware of it. It is simply signing over your assets prior to death via the power of attorney. Simple...clean...and hassle proof.
Is incorrect - you haven't signed your assets over - you are giving them 'Power of Attorney' to do whatever they need to do if you become incapable of doing it - or choose to hand it over rightaway - which leaves you with zilch if they make bad investment decisions.
What KimmyKim and SleazyDream were saying is exactly what a 'Living Will' is used for - you're making it seem like it rolls over when you die - then they become you're Executor and your executor has go by all the standard laws - you haven't spared anyone any taxes unless they've transferred the money and did their transactions before your death - and even then, it can be judged as 'conflict of interest'
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It is extremely simple...I have an attorney make out a will...in that will I designate what of my assets are to go to whom...in that will I designate my executor...in that will I give the executor Durable Power of Attorney. If I become mentally incapacitated before I die the executor has the Durable Power of Attorney to do anything that he wants to do with my assets...anything...if I die the same thing applies. There is not any way for anyone to challenge the person that I have given the Durable Power of Attorney because the Durable Power of Attorney was granted while I was of sound mind. There is not any Probate Court involved or any attorneys invovled after my death. The only standard law that one abides by is that of the Durable Power of Attorney period. Paying taxes has nothing to do with the will or Durable Power of Attorney...taxes are a totally different matter. It is a "virtual" signing over of your assets via the Durable Power of Attorney.It cannot be judged a conflict of interest period. As far as bad investment decisions go...if a person makes bad investment decsions...while they are alive and of sound mind that is their privilege.
If you think there is anything illegit about it simply ask your attorney? It is everyday common.