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Tag: Powers of Attorney

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Going to North Korea

MP900422593[1]The State Department suggests that you get an estate plan, should you decide to visit North Korea.

Despite the extremely tense relations between the U.S. and North Korea, it is possible for Americans to visit North Korea. There are probably very few U.S. citizens who want to go anywhere near North Korea. Those that do, are probably journalists and researchers.

The State Department recently offered some advice for Americans who are planning a trip to North Korea.

So, what is that advice?

The agency advises people to first get a will, make funeral plans and get a power attorney, as Fox News reports in "Visiting North Korea? Draft a will and make funeral plans, State Department says."

Traveling to countries other than North Korea is likely not nearly as dangerous.  However, this is good advice before traveling to any foreign nation.

Before leaving on an overseas trip, it is a good idea to have an estate plan in place.

Having powers of attorney drafted is an especially good idea, in case anything does happen, so someone back home can handle all of your affairs.

It is unlikely anything will happen to you on your next vacation, but it is always good to be prepared.

Before you visit a foreign country, visit with an estate planning attorney so you can be prepared.

Reference: Fox News (Jan. 15, 2018) "Visiting North Korea? Draft a will and make funeral plans, State Department says."

 

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Estate Planning Documents You Need

Attractive Mixed Race Couple SmilingEveryone needs an estate plan, and every estate plan will contain a mix of different documents depending on the complexity of the estate assets and individual preferences. However, there are a few documents that everyone needs.

Estate plans come in all shapes and sizes. Some are extraordinarily complex and contain thousands of pages of legal documents. Other estate plans contain only a few basic documents. One of the interesting things about estate plans is the documents that make up the simplest estate plans are also part of the most advanced plans. These documents are the basic framework of estate plans. The Chicago Tribune recently discussed what these basic documents are in “Documents you need before you die or become incapacitated.” They include:

  • Will – At its core a will is simply a legal document that declares how a deceased person’s property that is not disposed of by any other legal means should be handled.
  • General Durable Power of Attorney – A standard document that allows a person to determine who should handle his or her finances in case of incapacity.
  • Health Care Power of Attorney – Similar to the other power of attorney, but it allows for someone else to make medical decisions for an incapacitated person.
  • Living Will – Gives prior instructions to medical personnel about what means should be used to prolong a person’s life in the event that the person is terminally ill with no chance of recovery and unable to give instructions at the time.

Meet with an estate planning attorney at Profit Law Firm, PLLC to determine what additional documents you may need.

Reference: Chicago Tribune (July 25, 2016) “Documents you need before you die or become incapacitated”