TAX 9900 Lecture Notes - Lecture 8: Estate Planning, Life Insurance
Document Summary
Powers of attorney: written document in which one person (principal) appoints another (attorney-in-fact) to act as a agent on one"s behalf [can happen at any time not necessarily only when someone passes away] Principal can revoke the power at any time. Terminated at the death/incompetency of the principal: types. "i leave my video game collection to be distributed as my son sees fit. " "i leave my video game collection to my children, with my wife to choose who receives which game. " Advance medical directives: used to dictate a person"s wishes for healthcare treatment in the event he or she is incapable of otherwise expressing those wishes, types. Durable power of attorney for health care: appoints a person as agent. Living will (personal/advance healthcare directive): directs the physicians regarding life-sustaining issues: should be reviewed and updated on a regular basis (change in values, marital status, diagnosis, etc. )
