Author Archives: Hugg_Admin

Power of Attorney

Tips to Creating Your Power of Attorney

The Wall Street Journal recently ran an article about Durable Powers of Attorney and their potential for abuse. The article set out several recommendations to ensure your Power of Attorney will be honored and adhered to, as well as tips to minimize the potential for fraud.

Among the recommendations:

  • Use different Power of Attorney documents for the different states in which you may reside;
  • Require regular reporting of financial transactions and investments to remaining family members;
  • Have all children agree or consent to certain major financial decisions;
  • Check with your bank or other financial institution to make sure the form will be honored; and
  • Limit access or the original Power of Attorney document.

Given the potential for abuse in this area, it is almost always a good idea to build in more safeguards than less.

New Provisions for Revocable Living Trusts

Recent changes to Washington’s law on trusts and estates codify certain aspects of revocable living trusts. Here are a couple of the new additions to the statute:   A person must be at least 18 years old and of sound mind to create a revocable living trust.   The statute also sets out a 24Continue Reading

You Can Keep Assets Even If You File Bankruptcy

One of the most common misperceptions about Bankruptcy is that you will lose all of your property.  That is simply untrue.  You are permitted to retain a certain amount of property.  You will list all of your assets on your “petition” and the schedules related to the petition. You, often with the assistance of yourContinue Reading

Providing for your child after you are gone

Estate Planning 101 Aside from your love, probably the greatest gift you can give your children to provide for them. But how do you provide for your kids if you’re not alive? Basically, you need a plan. It doesn’t have to be complicated or unduly expensive. First, have a qualified attorney prepare your Wills. InContinue Reading

Making your Will: A Parent’s Most Important Decision

Making your Will: A Parent’s Most Important Decision

One of the most important decisions you may ever make as a parent could be selecting a guardian in your Will to raise your children.  First, a little background about naming a guardian for your minor children.  In Washington, the only method where you can be certain your guardianship wishes are honored is through yourContinue Reading