- Power of attorney - 6 Updates
| Michael Black <mblack@pubnix.net>: Oct 13 10:04PM -0400 > Don't most people appoint one of their children? > What if you are single? Aren't you thinking of death, or incapacitation? There's lots of reasons to give someone power of attorney, it can be a temporary thing or longer. Until your children are of legal age, and maybe not even then, do you want to hand over power of attorney to them. Michael |
| Beaver_Fever@live.com: Oct 13 07:54PM -0700 On Saturday, October 13, 2018 at 7:07:05 PM UTC-7, Michael Black wrote: > temporary thing or longer. Until your children are of legal age, and maybe > not even then, do you want to hand over power of attorney to them. > Michael I don't have kids. Who gets my money when I die? |
| John Weiss <jrweiss98155@comcast.net>: Oct 13 08:10PM -0700 >> not even then, do you want to hand over power of attorney to them. > I don't have kids. > Who gets my money when I die? Whoever you designate in your will. If you don't have a will, it depends on your state probate laws. |
| ggggg9271@gmail.com: Oct 13 10:25PM -0700 > Don't most people appoint one of their children? > What if you are single? Misconceptions: https://www.aplaceformom.com/blog/4-08-16-misconceptions-about-a-power-of-attorney/ |
| ggggg9271@gmail.com: Oct 13 10:27PM -0700 > Don't most people appoint one of their children? > What if you are single? "Durable power of attorney vs. living wills": https://www.aplaceformom.com/planning-and-advice/articles/living-wills-and-durable-power-of-attorney |
| Michael Black <mblack@pubnix.net>: Oct 14 05:28PM -0400 >> Michael > I don't have kids. > Who gets my money when I die? The taxman gets some of it. They actually come first. Though what you state the money should be used for may cut the amount that taxes take away. Kids don't automatically get your money when you die. You aren't obligated to leave it to them, though it might be appropriate. A will allows you to specify how your estate gets dealt with, assuming anything is left after paying off debts and paying for handling your remains. So you can give it to your cat, or more likely set it up as a trust to leave your cat in luxury with someone paid to take care of it. You can give it to someone you don't like. You can give it to a cause you do like. If you have enough money, you could donate to a university or something, and get your name on a building. (Though that may later be erased, when someone else comes along with a larger donation. My great, great grandmother's siblings have some streets named after them in Wiinipeg, but poor "Aunt Jemima", who had self-esteem issues, was renamed, after a famous politician. There was a big chunk of land that was eventually parcelled out, sold to the then new city of Winnipeg at a low price, on the condition that it be used for "public good". A few years ago I found a recent newspaper article saying the city of Winnipeg can't sell their old police headquarters because it's on some of that land, and if they sell the land, the money reverts to the cousins. Sadly it's off a branch, so I'd not see any of that money, though there are still cousins who the money could revert to._ You could set up a scholarship, to give someone of your specifications a boost, hopefully keeping the capital intact and investing it so there's enough income to pay a scholarship every year or whatever. YOu could specify that the money be used to hold a big party, just burn through the money in one big gasp. You could set up some trust to buy tickets to rock concerts for the needy. Of course, if you don't give the money away intact, you also have to allow for someone to handle the money over the long term, or for while whatever you specify is being done. If you don't have a will, then a judge has to step in and figure things out, likely a long argument from remaining relatives over who should get money, and how much. If there are no immediate relatives, a search may have to be done and if nobody turns up, the money probably doesn't go to a good cause. I suspect the government just takes it in, maybe temporarily until relatives are found, but then likely if they aren't found soon, they won't turn up later. You could always just spend it ahead of time, but the problem with that is timing. You don't want to be 95 years old and rushing about madly spending money so it won't revert to the taxman. But neither do you want to spend it all too early and then be 95 without any money to cushion that old age. Michael |
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