Downs Law Firm, P.C.
When you open a financial account, you’re often asked to name a beneficiary. Simply stated, a beneficiary is someone who is entitled to the benefits of the account on the death of the account holder. For example, if you’ve purchased life insurance, you name a beneficiary who receives the benefits of the policy when you pass away.
Does a Power of Attorney ever lapse? What happens if I change my mind and want to take the Power of Attorney back? Can the Power of Attorney refuse to return the authority?
The fact is people’s names often change. People get married and divorced, or sometimes they just legally change their names.
The ex-husband of Amy Winehouse is making a $1.4 million legal claim on her estate —eight years after her death.
It was reported on the news recently that some of Aretha Franklin’s family members have found what they believe to be her will. It was handwritten, stained, and crumpled up in a couch. The courts may or may not choose to honor it, depending on whether or not they are able to verify its authenticity.
Liz Hurley’s son Damian has won a legal fight against his grandfather who tried to cut him out of his inheritance.
Are you inheriting money from a relative? Or receiving funds from a lawsuit? Or planning to be a lucky lottery winner?
My idea: put our accounts in my wife’s name and put the land in our children’s names. The way I figure it, when something happens to me, they won’t need to do any of that courtroom mumbo jumbo that costs a few thousand dollars. What’s your take on the workaround idea?
Your proxy should be willing to speak on your behalf and act on your wishes, not their own.
You may be surprised at how easy it is to make an expensive mistake with your beneficiary designations.
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