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It is advised that the same agent handling finances should be the one to handle health care/medical responsibilities. File for personal or corporate taxes (State and Federal).Develop and set in motion retirement Plans.Carry out set out activities and operations of business entities.Handling of possession or Commodities owned by the principal.Management and distribution of Personal Property.The powers that can be transferred through a Durable POA if directed by the principal include They do not have to be legal counsel (attorney) however, it is highly recommended that someone trustworthy should be selected.
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The agent should be identified by name, address, and contact information in the estate planning checklist. The attorney-in-fact is tasked with making decisions on matters finances on behalf of another party. This can be done through a Durable Power of Attorney.
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Secondly, one should appoint a financial agent, also known as an attorney-in-fact. When all these documents are combined, they are jointly referred to as an “Advance Directive.” The estate planning should indicate who the appointed party is if any of the prearrangements are to be realized.
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The steps provided below can be adopted for this process to obtain a well-organized and effective estate planning checklist. Once this is done, the writing process can commence. Financial decisions will often be related to a person’s estate and hence the importance of a POA when planning using an estate planning checklist, especially when a person is incapacitated.Īn estate planning checklist should be compliant with state laws, and as a result, one should first acquaint themselves with applicable estate laws in their State.