MONDAY, OCTOBER 12, 2020
SPEAKER: JOSEPH OWEN
TOPIC: WILLS, ESTATE PLANNING, AND POWER OF ATTORNEY
Breathmatters Online Zoom meeting - October 12, 2020
Featured speaker: W. Joseph Owen - Partner, Owen and Owen Law Firm
Topic: Wills, Estate Planning and Power of Attorney
A discussion of the legal issues surrounding wills, trusts, estates, and property deeds, among other legal matters. An intense question and answer period considered a number of typical and unusual situations.
Discussions of the legal power within a "Power of Attorney" and the conditions under which it isn't optimum to give that power to another person. Also, the situations in which it is better to use a "Living Will" or an Advance Medical Directive or Record.
Also discussed: Durable Power of Attorney vs a Contingent Power of Attorney, how they are used and when they become effective. What is a "DNR" (Do Not Resuscitate order). Mr. Owen discussed strategies for where a DNR should be kept so it is readily available so that medical people can see it at the appropriate time, even during an emergency.
Strategies are also covered about trusts as an avenue to create a situation where a deceased persons family doesn't have to go through probate court, but why it is important to understand what can (and cannot) be put in a trust and how that must be arranged to be legally proper.
Other questions discussed:
• What is the Probate Process, and what are the differences between an executor and how the absence of a will may limit those powers.
• What are the important deadline dates for effectively executing a will, and why it can take a year to distribute a will because of debt, with emphasis on how Virginia courts operate in this area.
• How the January 2020 "Secure Act" affects Trusts
This online Breathmatters meeting was held October 12, 2020.