Misc. Flashcards
What are the fiduciary duties of the POA?
(a) Exercise the powers for the benefit of the principal and in accordance with reasonable expectations
(b) Act in good faith
(c) Separate the assets of the principal from agent
(d) Exercise reasonable care, competence, and diligence
(e) Account for all transactions made on behalf of the principal
(f) File an accounting of the administration whenever so directed by the court
What is required to have a valid Power of Attorney?
To be valid, it must:
– Be in writing
– Signed, and
– Dated.
What is a healthcare POA?
Rule: A healthcare POA appoints an agent to make healthcare decisions on behalf of the principal if she becomes unconscious, mentally incompetent, or otherwise unable to make decisions. Unlike other powers of attorney, a healthcare power of attorney becomes effective upon incapacitation of the principal.
ASK: Was the decision made in the best interest of the principal?
The typical durable healthcare POA statute shields the agent from civil liability for healthcare decisions that are made in good faith.
How do prenups work if not included in a will?
The prenuptial agreement signed by Wife acted as a waiver of all rights to Husband’s estate upon the termination of their marriage by divorce or death. The facts indicate that the prenuptial agreement was valid, and therefore Wife would be precluded from any share of Husband’s estate. However, the waiver in the prenuptial agreement does not apply to subsequent gifts or bequests made voluntarily by Husband.
Will:
1. Devise
2. Bequest
Intestate:
3. Heirs
4. Issue
- To devise means to give or leave real property (such as land or buildings) to someone through the terms of a will.
- A bequest is a gift of personal property (such as money, jewelry, or stocks) that is given through a will.
- Heirs: Individuals who are entitled to inherit from the deceased under intestate succession laws.
- Issue: Direct descendants of the deceased, such as children and grandchildren.
