October 2011 Monthly Archive
October 25, 2011
A medical power of attorney form is required when someone wants to let another person make decisions about their healthcare should they become incompetent. The person charged with this responsibility is designated in the POA form as the attorney-in-fact, but this does not mean they have to be a lawyer.
It's smart to establish medical power of attorney regardless of current health status. Unfortunately, no one knows when an expected illness or tragedy will strike and leave them unable to communicate.
It's also smart to execute this document prior to surgery or other types of invasive medical procedures. This type of power of attorney lets a person provide written directives regarding medical treatments, procedures, and services that they do not want to have.
October 19, 2011
A probate form is required when engaging in proceedings that take place in probate court. These include estate settlement, name changes, adoption, conservatorship, guardianship, recording or making changes to trusts, and litigation associated with probate estates.
The probate form is necessary to obtain a case number for probated estates or to record legal changes through the court. Records retained through probate court are a matter of public record and can be viewed by anyone that wants to see them. The exception to this rule is matters related to trusts
Trusts are used to safeguard estate assets and avoid probate. Within the U.S. every person's estate has to pass through probate upon death. This method is necessary to transfer property to designated beneficiaries and heirs; notify government entities of the death; clear outstanding debts owed by decedents; and file final tax returns.
October 15, 2011
A special power of attorney lets a person engage in specific transactions on behalf of another person. The POA form provides directives regarding the transaction, as well as the date privileges expire.
Common reasons for executing a special power of attorney include authorizing an agent to conduct banking transactions, control financial investments, make business decisions, and buy, sell or trade personal or business assets.
Real estate investors often use this kind of power of attorney to let realtors buy or sell investment properties. Another use is to authorize property management groups to collect rent, conduct background and credit checks, file eviction claims against tenants, or engage in repairs for rental properties.
October 11, 2011
Fannie Mae mortgages have helped people obtain the dream of homeownership since 1938. This entity originated at the request of President Franklin Roosevelt who wanted to make certain every U.S. citizen had the opportunity to buy affordable housing.
Fannie Mae mortgages make up about half of the real estate loans currently held in the U.S. It's important to note that Fannie Mae doesn't originate loans. Instead, they buy loans from banks in order to free up credit so banks can lend more funds.
Up until 1968, Fannie Mae was part of the U.S. government. At that time, it evolved into a shareholder-owned private company that received the status of being a government-sponsored enterprise (GSE).
October 05, 2011 | Comments: 1
Fannie Mae loan mortgage programs are available to help people buy affordable houses; alter mortgage terms through refinancing, loan modification, and other options; and avoid foreclosure through alternatives such as short sales or deed in lieu.
Several new Fannie Mae loan mortgage programs have been instituted since the mortgage crisis led to millions of foreclosure. These include: Hardest Hit Fund, Deed-For-Lease, and Fannie Mae Mortgage Help Centers where homeowners can obtain housing counseling to review and apply for mortgage programs.
Hardest Hit Fund is offered in 19 states and aimed at helping homeowners who are experiencing financial hardship due to unemployment or underemployment. Eligibility criteria varies by state, so homeowners will need to spend time learning about what is available in their state.
October 01, 2011
The probate office is where matters surrounding estate settlement, conservatorships, marriage licenses, name changes, and adoption occur. When a person passes away their estate agent files the last will and testament and death certificate through this office to obtain a case number.
Working with the probate office can be simplified by engaging in estate planning. In fact, with proper planning most estates can avoid probate altogether. It's recommended to consult with a probate lawyer or estate planner to ensure adequate protection of estate assets. However, it's helpful to conduct research to learn about the process and available options.