During the probate process, court officials will determine whether the Will is valid and whether the value of the principal’s estate must be deducted to cover money owed to creditors. The Last Will and Testament will be assessed in the probate court before the estate can be transferred to the heirs. Last Will and Testament (‘Will’) – A document which allows the principal to name their beneficiaries and designate the assets to be inherited by each. One of the most essential steps in ensuring the security of an estate is to create a document that spells out the principal’s preferred method of asset distribution. Benefits From Governmental Programs or Civil or Military Service.Estates, Trusts, and Other Beneficial Interests.Banks and Other Financial Institutions.That being said, individuals are always encouraged to sign in the presence of two (2) disinterested witnesses and have the signature authenticated by a notary public. Signing Requirements – Only requires the principal’s signature.Like the health care surrogate, the decision-making authority of the financial agent can be used even when the principal experiences a medical condition that leaves them unable to make competent decisions.ĭurable (Financial) Power of Attorney – This document designates the principal’s financial agent and defines the powers with which the agent may operate. This individual will make decisions regarding the principal’s property and finances. ![]() The principal can continue by electing another party known as a financial agent. While not legally required, the form should be signed in the presence of two (2) disinterested witnesses and notarized by an officer of the State.
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