In the process of being physically, emotionally, mentally, and spiritually prepared, you may easily overlook being legally prepared. Most of you are in your early to mid 20’s and things like Living Wills seem a far away thought. However, it is important to be prepared with any and all legal documents your parents or guardians may need in your absence. This is a compilation of notes and research we have done in the past on being legally prepared. If you have questions, feel free to get in touch with me and we will help as best we can.
All of these documents can be found on the Intranet website. They have been reviewed by an attorney and declared acceptable.
Powers of Attorney and Other Documents
The
Financial Power of Attorney
document allows the Attorney-In-Fact chosen by the Racer to make financial decisions for the Racer in their absence (while on the Race and out of the USA). Some financial institutions require an additional POA document. Mine does not, but it is wise to check. The financial Attorney-in-Fact follows the wishes of the Racer.
The
Durable Power of Attorney
document allows a person designated by the Racer to make decisions other than financial (although the same person can be Attorney-In-Fact for both documents), such as decisions regarding healthcare. A scenario is possible that a Racer could contract cerebral malaria, for example, and not be in a state of mind to make decisions regarding his/her healthcare, including transfer back to the
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u003cspan styleu003d”font-weight:bold”>The durable clause is there so that, in the event that a Racer would
become incapacitated, the Attorney-in-Fact would not have to go to the
expense and difficulty of a Guardianship hearing. If a Racer becomes
incapacitated, the document is durable—it remains in effect. u003c/span>u003c/b>u003c/span>u003c/font>u003cb>u003cfont sizeu003d”2″ faceu003d”Arial”>u003cspan styleu003d”font-size:11.0pt;font-family:Arial;font-weight:bold”>u003c/span>u003c/font>u003c/b>u003c/li>
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u003cp>u003cb>u003cfont sizeu003d”2″ coloru003d”red” faceu003d”Arial”>u003cspan styleu003d”font-size:11.0pt;font-family:Arial;color:red;font-weight:bold”> u003c/span>u003c/font>u003c/b>u003c/p>
u003cp styleu003d”margin-left:.5in”>u003cfont sizeu003d”2″ coloru003d”blue” faceu003d”Arial”>u003cspan styleu003d”font-size:11.0pt;font-family:Arial;color:blue”>Take it from someone who
had to file and manage dozens of Guardianship hearings for others when no
Durable POA was in place, you don’t want to have to go down this road.u003c/span>u003c/font>u003c/p>
u003cp styleu003d”margin-left:.5in”>u003cfont sizeu003d”2″ coloru003d”blue” faceu003d”Arial”>u003cspan styleu003d”font-size:11.0pt;font-family:Arial;color:blue”> u003c/span>u003c/font>u003c/p>
u003cp styleu003d”margin-left:.5in”>u003cb>u003ci>u003cfont sizeu003d”2″ coloru003d”#339966″ faceu003d”Arial”>u003cspan styleu003d”font-size:11.0pt;font-family:Arial;color:#339966;font-weight:bold;font-style:italic”>It is my firm belief that these documents,
or a legally binding version thereof, should be required of each Racer. The
lack of these documents could cause a great deal of expense, time, and possibly
an outcome that would be vociferiously opposed by the Racer if he/she would
have been able to execute decisions for himself/herself.u003c/span>u003c/font>u003c/i>u003c/b>u003c/p>
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USA. This document gives legal authority to the durable Attorney-In-Fact to make decisions for you other than financial.
The durable clause is there so that, in the event that a Racer would become incapacitated, the Attorney-in-Fact would not have to go to the expense and difficulty of a Guardianship hearing. If a Racer becomes incapacitated, the document is durable—it remains in effect.
a) Your taxes will be due while you’re gone! Are you prepared for those to be handled? Is your power of attorney good for the IRS? If not, see http://www.irs.gov/pub/irs-pdf/f2848.pdf and fill out that form in addition.
b) Do your financial institutions require a separate power of attorney specifically for them? Be sure to double check on that!
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undefined undefinedc) Be sure your paperwork is notarized – so don’t sign it until you are standing in front of a notary
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undefined undefinedd) If you have any other finances besides a bank account – have a power of attorney filed for all of them
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undefined undefinede) Check everything in your wallet and in the glove box of your car – know what will expire while you’re gone. Find out how to deal with that while you’re gone.
f) Have a Power of attorney for healthcare – you never know where the Lord will take you and what He will allow. But be prepared. This enables someone to make all healthcare decisions for you. This document is pretty universal so it will be accepted everywhere. Again, have this notarized.
g) Be sure your power of attorney is “Durable.” This means if you are incapacitated, this document is permanent.
h) You can add to your power of attorney and living will, but be sure that any additions are initialed and dated in front of a notary.
i) What if I already have one but I don’t know if they are durable, should I do this as well?
i)look over the documents for a paragraph saying “This is enforced if I am incapacitated.”
ii) Your attorney, bank, and AIM should each have a copy.
iii) We can get a copy to you around the world if necessary
Living Will/Advanced Directives –
The
Living Will
outlines your desires regarding advanced life-sustaining measures, should that event occur on the Race. It is a set document, and yet can be expanded by you
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prevail and the thing least desired by a Racer may be the exact thing that
the law of the land determines in the absence of such a document.u003c/span>u003c/b>u003c/span>u003c/font>u003c/li>
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u003cli styleu003d”color:red”>u003cfont sizeu003d”2″ coloru003d”blue” faceu003d”Arial”>u003cspan styleu003d”font-size:11.0pt;font-family:Arial;color:blue”>The u003c/span>u003c/font>u003cb>u003cfont sizeu003d”2″ faceu003d”Arial”>u003cspan styleu003d”font-size:11.0pt;font-family:Arial;font-weight:bold”>Financial
Power of Attorneyu003c/span>u003c/font>u003c/b>u003cfont sizeu003d”2″ coloru003d”blue” faceu003d”Arial”>u003cspan styleu003d”font-size:11.0pt;font-family:Arial;color:blue”> document allows the
Attorney-In-Fact chosen by the Racer to make financial decisions for the
Racer in their absence (while on the Race and out of the USA). Some
financial institutions require an additional POA document. Mine does not,
but it is wise to check. The financial Attorney-in-Fact follows the wishes
of the Racer.u003c/span>u003c/font>u003cb>u003cfont sizeu003d”2″ faceu003d”Arial”>u003cspan styleu003d”font-size:11.0pt;font-family:Arial;font-weight:bold”>u003c/span>u003c/font>u003c/b>u003c/li>
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u003cli styleu003d”color:red”>u003cfont sizeu003d”2″ coloru003d”blue” faceu003d”Arial”>u003cspan styleu003d”font-size:11.0pt;font-family:Arial;color:blue”>The u003c/span>u003c/font>u003cb>u003cfont sizeu003d”2″ faceu003d”Arial”>u003cspan styleu003d”font-size:11.0pt;font-family:Arial;font-weight:bold”>Durable Power
of Attorney u003c/span>u003c/font>u003c/b>u003cfont sizeu003d”2″ coloru003d”blue” faceu003d”Arial”>u003cspan styleu003d”font-size:11.0pt;font-family:Arial;color:blue”>document allows a
person designated by the Racer to make decisions other than financial
(although the same person can be Attorney-In-Fact for both documents),
such as decisions regarding healthcare. A scenario is possible that a
Racer could contract cerebral malaria, for example, and not be in a state
of mind to make decisions regarding his/her healthcare, including transfer
back to the “,1]
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.
Without such a document, existing laws will prevail and the thing you least desire may be the exact thing that the law of the land determines in the absence of such a document. You can use the documents provided or an attorney can draw something up for you on this as well. Without this, the law of the country dictates what happens to you if you are incapacitated. You may need to file one in both your state and your parent’s (or whoever is taking responsibility for you) state.
