TEP-Talk: A Lasting Power of Attorney? Why?
Estate Planning is about planning for the transfer of your estate when you are not there anymore. Even if you are not ready yet to start planning for your assets, an analysis of your situation may be useful to clarify the legal and tax consequences if an unexpected death was to occur.
Estate planning is also about planning for your own care and to make decisions when you cannot do it anymore.
Whatever the future holds, you may already benefit right now from by drawing up a lasting power of attorney. This means that the person you trust has certain powers to make decisions for you when you do not have the capacity anymore to make decisions about your finances and your care.
In this TEP-talk, we will discuss the pros and cons, the best way to go about it, and any controls you put on your trustee.
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