Month: May 2019

Power Of Attorney Power Packs In A Paper

Power Of Attorney Power Packs In A Paper

The Power of Attorney is a legal document voluntarily entered into by two parties and duly certified by a notary public, usually a lawyer. The first and second party in the Power of Attorney are: the Principal and the Agent,respectively. In the power of attorney, the principal appoints the agent to perform a task in a legal capacity in his lieu.

The power of attorney empowers the agent to act upon any legal circumstance necessary of the principal, mostly if the latter cannot conduct with others, his legal affairs in person. This scenario happens in most cases, when the principal is gone from his domicile or away on a business trip for a lengthy period; or worse, if the principal is ill.

The power of attorney likens the agent as that of an employee as well as representative of the principal. Another popular term for the authorized agent in a power of attorney is Attorney-in-Fact.

The principal and agent who execute an agreement such as the power of attorney could either be an individual, partnership, or corporation. Both parties who execute the power of attorney should of course, possess legal capacity which means that parties must be 18 years of age or older and of normal mental capability.

When the principal authorize the agent in the power of attorney, the agent does act within the scope of the legal agreement. Therefore, the principal is also responsible for the acts that the agent entered into, in his behalf. In the exercise of the power of attorney, the agent is entitled to payment for services rendered and reimbursement for some of his expenses.

A most common use for the power of attorney is when the principal enters into a transaction such as the purchase of a real estate property. The agent, by virtue of the power of attorney, deals with the company, or owner of the property until the sale is consummated. Thus, the agent pays for and signs all the legal documents necessary (such as purchase application form, contract to sell, deed of restriction, etc.) for the business venture between the principal who is the buyer, and the property owner who is the seller.

Normally, the power of attorney is revocable or can be cancelled at any time. As such, the principal has only to accomplish the revocation of the power of attorney and again, have the cancellation duly certified by a notary public. The power of attorney also becomes null and void upon the death of the principal.

The role of the notary public in the power of attorney is vital and akin to a third force. The power of attorney becomes a legal instrument only if the notary public or solicitor, has certified the power of attorney to be so. The notary public then has to furnish copies of the notarized power of attorney to the concerned government agency that requires it. Thereafter, the power of attorney becomes a legal public document.

Why Probate?

Why Probate?

Why Probate?
Nobody voluntarily chooses probate. People are too busy or preoccupied with health or other issues to plan. They pass away without a living trust and their heirs—-usually their children—- find that they can’t sell Mom or Dad’s house without a court order or can’t transfer Mom or Dad’s bank account without court approval. Even with a will, they may be forced to file a probate proceeding.
Alternatives to Probate
Because probate is expensive and time consuming, a responsible attorney first tries to determine if there is an alternative to probate. In California, the most common alternatives to probate are a Spousal Property Petition (if there is a surviving spouse) or a small estate transfer (if the value of the estate is less than $100,000). If these and other alternatives to probate are unavailable, then the only recourse for the decedent’s heirs is to file a probate proceeding.
Cost of Probate
Attorney’s fees and costs are set by law in California and are based upon the value of the estate. Here is the statutory fee schedule in California:
4% of the first $100,000
3% of the next $100,000

Getting the Best Deals in Attorney Services

Getting the Best Deals in Attorney Services

Sometimes, finding the right attorney and the best attorney services is not easy. There are lots of things that you need to consider. You have to think about the services you need and what specific legal expertise do you need. Your state laws for getting attorney services are also among the major factors that need to be considered. It is also a must that you know the exact specifications of the legal proceedings where you will need attorney services.

Here are some legal fields in attorney services to help you in your decision-making;

*Immigration attorney services –

If your case is related to immigration, you should get these services. You need to decide whether the immigration is employment-based or family-based. Also knowing your state laws about immigration is important in this case.

*DUI attorney services –

If you’re involved in a DUI case, you need to hire the best attorneys in town; or you might end up doing community service or even jail time.

*Social security attorney services –

If your problem involves social security issues such as medical insurance, you need to get these services.

*Criminal defense attorney services –

A good legal firm or attorney should be hired for this one.

*Divorce attorney services –

You need to find the best services in town so you can get past the humiliation of this dilemma fast

Whatever among these cases you are in, it is best to remember that you must hire an attorney who are reliable and sincere in helping you to win your case. After all, you are going to pay them and attorney services fees are mostly huge. Hence, it is just wise to get the best from what you will spend for.

Dealing with Attorney Services Fees

Speaking of fees, these are part of hiring attorneys. You need to pay them so they can give you what you expect from them. There are free attorney services but most need you to spend some amount. There are things that you have to consider when dealing with attorney fees.

Here are some;

*What fee arrangements you should use.

This will depend on your deal. You can ask your attorney on how he or she will charge you. There 3 basic arrangements for payments;

*Hourly rates – where you have to pay for the attorney services based on the hours rendered.

*Flat rate – mostly, this will include out-of-pocket expenses spent by the attorney.

*Contingency fee – this is usually some percent of what you will get from the case. You will talk about this; how much he or she will get depending on how much you will also get.

*What type of expertise is needed? When deciding about fees, the things to consider are the types or level of expertise needed in the case. Also, how much work is to be done should be considered.

How to Get the Best Attorney Services?

Being careful in choosing the attorney you will hire is crucial. First, the success of the case usually depends on how good you are represented. And second, because you are spending money here. You need to get what your money’s worth. It is best that you only hire a firm or an attorney who can give you the best attorney services. You may ask your friends or relatives if they have an attorney to refer. Referral is a good thing because you can be sure that you will get what you and your money deserve.

The Budget 2005 & Inheritance Tax

The Budget 2005 & Inheritance Tax

Introduction
‘The Government’s economic objective is to build a strong economy and a fair society, where there is opportunity and security for all.”
So reads the opening statement of the Labour Government’s 2005 Budget. But the word ‘fair’ is wide off the mark when considering the incidence of inheritance tax on an increasing number of homeowners over the past few years.
The Inheritance Tax Problem
Over the past few years inheritance tax ceased to be the ‘rich person’s tax’ or the ‘voluntary’ tax which it used to be. The cause of the problem has been the ever increasing scale of house prices resulting in property values which far exceed the Nil Rate Band exemption for inheritance tax.
Research conducted by stockbrokers Brewin Dolphin, there are an estimated 2.4 million homes across the UK that are now valued above the £263,000 inheritance tax threshold, before taking any other assets into account. And one in five people anticipating an inheritance have no idea that anything over and above the threshold will be subject to 40% of tax.
In summary, the number of homes sold which were above the inheritance tax threshold rose from 3% in 1994 to 14% in 2004 and the Government has pocketed a staggering £3.3bn in inheritance tax since 1997!
The 2005 Budget
The inheritance tax issue was a main concern for the Chancellor Gordon Brown after various professional bodies have stressed the need for the threshold to be increased. Having heard the arguments the Chancellor did just that.
The current Nil Rate Band threshold is £263,000 and the Chancellor has announced that this is to be increased to £275,000 for the forthcoming tax year 2005/2006 and then further increased to £285,000 and £300,000 the following two years.
As a result of these increases the Chancellor has argued that 94% of estates would not pay inheritance tax. So has the Chancellor done enough?
Adequate Increases?
Are the increases to the inheritance tax threshold good enough? Should they have been increased further? It is certainly true that previous inheritance tax increases have not been so steep; usually the increases are made in line with current inflation rates. However, this Budget has seen an increase which is way above inflation.
On the other hand, the contrary argument is that the high rise in house prices necessitated such an increase, and even this may not be enough. The Halifax Building Society calculated that had the inheritance tax threshold increased in line with house price inflation over the last 10 years, then the current threshold would be sitting at £390,000 – significantly less than the figure announced by Gordon Brown.
Conclusion: Budget Blues
So was this a ‘bad’ budget’ from the inheritance tax point of view? Not entirely. Any increase in the Nil Rate Band is to be welcomed as it sets free some of those caught in the inheritance tax net. As Simon Massey (partner with chartered accountancy firm Menzies) told BBC News, “The increase to the Inheritance Tax threshold is a long way above inflation and is very welcome…It is good to see something being done.”
So whilst the increase may not exactly be in line with the current house price situation, it will certainly be a relief to many, and any increase is better than no increase at all.
JsByrne
LLB (Hons) PGDip.LPc.
www.Draft-Your-Will.com