![]() ![]() It is the representative’s duty to exercise their power in the principal’s best interests.ĭurable (Financial) Power of Attorney – This power of attorney document is used to grant authority to a financial agent and clearly define the scope of power within which they can operate. The agent will have the ability to sign legal documents on behalf of the principal, they’ll be able to access bank accounts, transfer property, collect insurance, and perform any other financial transaction. ![]() It should be noted, however, that an attorney who specializes in estate planning should be present throughout as these instructions should not be the misinterpreted as definitive legal advice.Ī Financial Agent is a competent and trustworthy representative of an individual who has been granted the authority to act on their behalf with regard to financial management. How to Create an Estate Plan in Wyoming (6 steps)Īn estate plan can be drawn up using these step-by-step instructions as a guideline. ![]() This ensures that the estate owner has a representative ready should they become incapacitated. Another aspect of estate planning which should be taken into account is the election of financial and health care agents through a power of attorney document ( Durable Power of Attorney and Medical Power of Attorney respectively). Both documents have their advantages and disadvantages but fundamentally perform the same function. Generally speaking, estate planning refers to the drafting of a written Last Will and Testament (‘Will’) or Revocable Living Trust documents used to delineate how one’s assets and property will be distributed following their death. A Wyoming estate planning checklist is an organizational form that helps ensure a person’s affairs are prepared for the end of their life. ![]()
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