A certified copy is legally equivalent to the original document. It is often convenient to have certified copies of your Power of Attorney on hand. Do I have to file a separate tax return for my Land Trust?
Document Types & Definitions
The short answer is no. Filing requirements would depend on the type of trust. The beneficiary reports all the results of the trust income, expenses and depreciation on their personal tax return. The fact that no tax return is required is one of the many benefits of using a Land Trust and no separate bank account need be opened since all of the proceeds of rents or sales should go directly into the account of the beneficiary.
Do I have to inform the Licensing and Regulation Division if I change my residential or postal address or my name? Notification of any change of address residential or postal or any change to your name must be forwarded to Licensing and Regulation Division in writing within seven days of the change occurring. Failing to do so in an offence for which you may be charged. Do I need to have my signature witnessed on a Power of Attorney? Where do I get a certified copy of an assumed business name certificate? Do I need to file a gift tax return for transfers to the trust? Gifts to an irrevocable trust are treated as gifts to the underlying trust beneficiaries.
Do not provide a written or taped statement to the claims agent without speaking to a lawyer about it first. The claims representative would like to take your statement while you are uninformed about your rights. As proof of this, notice whether the claims representative or railroad supervisor even mentions to you that you are protected by the FELA or that you can get free advice from a lawyer.
The statement you make will be used against you later in any attempt to settle your case and may be used against you if you hire a lawyer and a case is brought in court. Only provide the accident report required by your union agreement.
The name and address of the person who prepares a document that pertains to the transfer of real property must be shown on that document. However, each of the powers granted must be clear, even if the principal grants the agent "general power of attorney. Specify whether your POA is durable. In most states, a power of attorney terminates if the principal is incapacitated. If this happens, the only way an agent can keep his or her powers is if the POA was written with an indication that it is "durable," a designation that makes it last for the principal's lifetime unless the principal revokes it.
Notarize the POA. Many states require powers of attorney to be notarized. Record it. Not all powers of attorney must be recorded formally by the county in order to be legal. But recording is standard practice for many estate planners and individuals who want to create a record that the document exists. File it. Some states require specific kinds of POAs be filed with a court or government office before they can be made valid. For instance, Ohio requires that any POA used to grant grandparents guardianship over a child must be filed with the juvenile court.
It also requires a POA that transfers real estate to be recorded by the county in which the property is located. Like the property deed for your house or car, a POA grants immense ownership authority and responsibility. It is literally a matter of life and death in the case of a medical POA.
And you could find yourself facing financial privation or bankruptcy if you end up with a mishandled or abused durable POA. Therefore, you should choose your agent with the greatest of care to ensure your wishes are carried out to the greatest extent possible. It is critical to name a person who is both trustworthy and capable to serve as your agent. This person will act with the same legal authority you would have, so any mistakes made by your agent may be very difficult to correct.
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Even worse, depending on the extent of the powers you grant, there may be dangerous potential for self-dealing. An agent may have access to your bank accounts, the power to make gifts and transfer your funds, and the ability to sell your property. Your agent can be any competent adult, including a professional such as an attorney, accountant or banker. But your agent may also be a family member such as a spouse, adult child or another relative.
Parents who create POAs very commonly choose adult children to serve as their agents. When there is more than one child, parents may struggle with the decision of who to select for the role of the agent. This is not a decision to be taken lightly. Your agent named under your POA acts with your authority, so costly financial mistakes resulting from carelessness or lack of financial understanding may be impossible to fix.
The same is true of acts that create interfamily conflict by favoring some members over others.
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- Philadelphia County Document Recording Requirements;
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Children have different characters, skills, and circumstances, and wise selection of children as agents, and of the powers given to them, can avert these dangers. Consider these three key factors when choosing which child you want to give important powers to under a POA:.
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Trustworthiness: This is the single most important trait of any agent named under a POA. This includes not just honesty but also reliability in performing tasks that need regular attention, from managing an investment portfolio to paying bills, and diligence in acting according to your wishes. Abilities of each child: Specific abilities of different children may make them best suited to take on particular roles in managing your financial affairs.
These may include:. Say one child is a busy financial expert living in a distant city, while another works part-time and lives conveniently close by. You can have one POA that names the first to manage your investment portfolio and another that names the second to manage your routine daily expenses and pay monthly bills. Multiple agents: More than one agent can be named by a POA, either with authority to act separately or required to act jointly. Having two children separately authorized to manage routine items can be a convenience if one becomes unavailable for some reason while requiring two to agree on major actions like selling a house can assure family agreement over major decisions.
But naming multiple agents can cause problems if disputes arise between them. For instance, if two children are required to act jointly in managing an investment account but disagree over how to do so, it may be effectively frozen. So when choosing two children to act jointly as agents under a POA, be sure they have not only the skills for the task but personalities to cooperate.
Mistakes — and worse, acts of self-dealing — committed by your agent can be extremely costly. This is especially so with a durable POA that gives broad control over your affairs during a time when you are incapacitated. You must be convinced that the agent will follow your instructions, has the ability to do so and will pursue your wishes even over the objections of other family members if need be.
The powers are far too important to be granted other than on the merits of trustworthiness and ability. Beware naming a child as your agent if:.
Be aware of the dangers of theft and self-dealing created by a POA, even when your agent is your own child. As family circumstances change, periodically review and update the POAs you have created. You can revoke a POA simply by writing a letter that clearly identifies it and states that you revoke it, and delivering the letter to your former agent. Some states require such a letter to be notarized. Then create a new POA and deliver it to your new choice of agent.
A power of attorney can provide you with both convenience and protection by giving a trusted individual the legal authority to act on your behalf and in your interests.