Choosing an Agent for Power of Attorney When You Don’t Have Family

Choosing an agent for your power of attorney for finances and power of attorney for health care is an important element of estate planning. Although no one likes to think about becoming ill or injured and having to rely on someone else to make decisions for them, being prepared can give you peace of mind. Estate planning lawyers can give you advice and help you make informed choices that protect your interests should you need to rely on others to act on your behalf.

What Are Powers of Attorney?

The person named in a power of attorney is typically called an agent, and is authorized to make decisions on your behalf. Powers of attorney can be as general or specific as you wish. There are two main types of power of attorney that are critical to have:

Power of attorney for health care allows an agent to make medical decisions for you should you become unable to do so. This may include specific treatment, admission to a nursing care facility, and life-sustaining measures such as a feeding tube, artificial ventilation, or resuscitation. In some states a power of attorney for health care must include a living will or advance directive that states which (if any) life-sustaining actions you wish to be taken.

Power of attorney for finances enables your agent to manage your finances on your behalf. This may involve paying bills, selling property, managing investments, and other pecuniary tasks.

Both of these types of powers of attorney are typically durable, which means they are valid until you die or revoke them. An attorney for wills and trusts can help you draft powers of attorney that are specific to your needs and circumstances.

Who Should I Choose For My Powers of Attorney?

Regardless of whether you have close family, it is vital to select someone you trust to be your agent is vital. One thing to keep in mind is that your health care providers or their employees may not serve as an agent. If you know someone you trust to handle both health care and financial decisions on your behalf, you can choose that person to be your agent for all of these matters. Naming the same agent in both powers of attorney can help avoid confusion and conflict.

Most people without family as an option pick a trusted friend or business partner, but your agent can be any capable adult, including a professional such as a real property lawyer, accountant, or financial advisor. There are many different factors to consider when choosing an agent. You want to choose someone trustworthy who you believe will act in good faith, who:

• Is fair-minded and has integrity
• Possesses a willingness to act as your agent
• Is aware of your values and wishes
• Understands their duties and the need to take them seriously
• Is assertive enough to stand up to potential conflict with other friends or family
• Lives nearby should you be admitted to a hospital or care facility

It is critical to have a serious conversation with the person you wish to name as your agent, whether it is an attorney you trust or a close friend. Failing to do this can be detrimental to your physical and financial well-being. Choosing your agent wisely and understanding the scope of the powers you are giving them can help you feel secure about the future, whatever it may bring.

This blog was originally posted at https://carosella.com/blog/choosing-an-agent-for-power-of-attorney-when-you-dont-have-family/

Creating a Trust for Someone with Substance Abuse Issues

Substance use disorders are a sad reality that many families deal with in the United States. Determining the best way to leave assets to an intended beneficiary who has a drug or alcohol problem is challenging and requires the advice of experienced estate planning lawyers. These issues can get very emotional, so it helps to have an objective party assist you with making these vital decisions in a way that will truly benefit your loved one without enabling their addiction.

The Purpose of the Trust

Having an in-depth discussion with an estate planning or probate attorney about the role you want the trust to play in your loved one’s life and recovery is critical. For example, the trust may provide only extras for things like recreation or entertainment, which could be detrimental to someone coping with an addiction disorder. Many parents and grandparents are choosing to follow the “recovery model” when creating a trust, which means that the trust addresses their addiction and recovery head-on. A trust using the recovery model may include stipulations such as:

• The trustee will only authorize distributions if the beneficiary is earnestly pursuing treatment and recovery.
• Distributions will be based on the treatment plan as written by the beneficiary’s treatment team, however, the trustee has final distribution authority
• The trust will pay for the costs incurred in carrying out the treatment plan, such as therapy and rehabilitation services

The Stages of Recovery

It is important for the testator and the trustee to understand how recovery from a substance use disorder works. A person who is addicted to drugs or alcohol is not “cured” after attending rehab. Once someone accepts that they have the chronic disease of addiction, they can begin to work on changing themselves and their lifestyle. This is a process and recovery is an ongoing, lifelong process. Relapse is quite common for those in recovery, and it is crucial to plan for how the trust may play a role should they relapse.

Offering Incentives

Although you may want to allow for the trust to fund living costs such as rent and food, considering incentives such as vacations or a car when your beneficiary reaches specific goals is usually a better idea than providing cash as an incentive. Putting cash in the hands of someone with a substance use disorder often leads to relapse. You may even want to specify that any tangible assets in the trust may not be sold for cash. The trustee will have to monitor these goals, and should also have the ultimate authority to determine whether they have been met using reasonable objective and subjective criteria. If you are considering including real estate in the trust, speaking to real property lawyers about how this may work is advisable.

Choosing a Trustee

When creating a trust for someone with substance abuse issues, it is essential to choose a trustee who can perform the duties. Although a friend or family member may know the beneficiary, things can get tense if the trustee must deny demands that are not authorized by the trust. Instead, you may want to select a professional or institutional trustee, such as a trust company, a corporate trustee, or an attorney for wills and trusts. Some special needs trustees also handle substance abuse trusts and have access to resources such as social workers, case managers, and others who understand how to work with a beneficiary’s treatment team.

If you are interested in setting up a trust for someone with substance abuse issues, our wills and trusts attorneys at Carosella & Associates can help.

This blog was originally posted at https://carosella.com/blog/creating-a-trust-for-someone-with-substance-abuse-issues/

How a Real Estate Lawyer Can Help with a Commercial Property Transaction

Buying or selling commercial property can be a complex process. Conducting a transaction without the assistance of real estate attorneys can have serious consequences if mistakes are made.  A lawyer can help you navigate common hurdles you may encounter and help to ensure your sale or purchase goes off without a hitch.

Why Do I Need A Real Estate Lawyer?

Real estate is a complicated area of the law, and there are many different steps you must take to ensure a transaction is valid and your rights are protected. An attorney can help you understand the ins and outs of commercial financing, buying, selling, and developing a property. Some other issues they can assist you with include:

• Zoning
• Land use and development
• Environmental issues
• Taxes
• Financing
• Title, ownership, and deed issues
• Property liens
• Title insurance
• Sale price negotiations
• Real estate sales agreements and other contracts
• Closing

Having a commercial real estate attorney help you negotiate the sale can help you get the most for your money, whether you are buying or selling. Your lawyer can also draft and review contracts, help you understand the purchase agreement, and be by your side at the closing to address any concerns or answer any questions you may have. An experienced commercial real estate attorney will be able to identify questionable contract terms and potential pitfalls.

Many real estate attorneys also have relationships with financial institutions and can help connect you with financing, tax abatement programs, and small business loans and grants. Their knowledge and counsel can make buying or selling a commercial property much less stressful, especially if you are unfamiliar with the process.

Choosing an Attorney

When looking for a lawyer, you want to make sure you select a law firm with specific experience in commercial real estate transactions. These types of deals can be much more complex than residential sales and purchases, so you need someone who is familiar with the process. In addition to having experience in commercial real estate, they should be well-versed in construction law, business law, banking and finance law, and tax law. Your lawyer may also be able to help you with other legal issues after the sale, such as property management contracts, leases, and other matters.

Updating your estate plan after any major purchase or sale is also a good idea. Local lawyers for wills and living trusts lawyers can help you determine the best way to protect your assets, whether you are making a new purchase or you have received cash for a building you sold.

The attorneys at Carosella & Associates have extensive experience providing legal counsel to individuals and businesses in commercial property transactions.  Whether you are an experienced real estate developer or a first-time buyer, our team can help protect your rights and interests and keep the process on track.

This blog was originally posted at https://carosella.com/blog/how-a-real-estate-lawyer-can-help-with-a-commercial-property-transaction/