{"version":"1.0.0","segments":[{"startTime":0.033,"endTime":2.068,"body":"Durable power of attorney."},{"startTime":2.068,"endTime":4.471,"body":"A durable power of attorney grants"},{"startTime":4.471,"endTime":7.44,"body":"somebody the power to be your agent"},{"startTime":7.44,"endTime":9.576,"body":"to legally act on your behalf"},{"startTime":10.643,"endTime":12.779,"body":"even if you are to become incapacitated."},{"startTime":12.846,"endTime":13.913,"body":"And that's really important"},{"startTime":13.913,"endTime":15.682,"body":"because there are some power of attorneys"},{"startTime":15.682,"endTime":16.683,"body":"out there"},{"startTime":16.683,"endTime":20.286,"body":"that do not go beyond incapacitation."},{"startTime":20.32,"endTime":20.887,"body":"So in other words,"},{"startTime":20.887,"endTime":22.489,"body":"if you gave your son"},{"startTime":22.489,"endTime":24.691,"body":"Enrique, a power of attorney over you,"},{"startTime":24.958,"endTime":26.76,"body":"but there was no language in there"},{"startTime":26.76,"endTime":27.06,"body":"that said"},{"startTime":27.06,"endTime":29.796,"body":"it is to continue upon incapacitation"},{"startTime":30.063,"endTime":31.131,"body":"then it probably"},{"startTime":31.131,"endTime":32.899,"body":"is really not worth having."},{"startTime":32.899,"endTime":33.867,"body":"And that brings up"},{"startTime":33.867,"endTime":35.435,"body":"a kind of an important part"},{"startTime":35.435,"endTime":36.87,"body":"that when you try to do this"},{"startTime":36.87,"endTime":37.971,"body":"stuff yourself, it's"},{"startTime":37.971,"endTime":40.04,"body":"really important to look out"},{"startTime":40.04,"endTime":40.84,"body":"for that kind of stuff"},{"startTime":40.84,"endTime":41.941,"body":"because you might have downloaded"},{"startTime":41.941,"endTime":43.309,"body":"a form off the Internet"},{"startTime":43.309,"endTime":44.677,"body":"that you think is going to cover"},{"startTime":44.677,"endTime":47.447,"body":"you completely, but it's not durable."},{"startTime":47.614,"endTime":48.615,"body":"So when you do become"},{"startTime":48.615,"endTime":50.517,"body":"incapacitated, incapacitated,"},{"startTime":50.517,"endTime":52.452,"body":"when you actually need that document"},{"startTime":52.452,"endTime":53.72,"body":"to work,"},{"startTime":53.72,"endTime":56.089,"body":"it's not going to because it doesn't"},{"startTime":56.089,"endTime":57.357,"body":"it doesn't go"},{"startTime":57.357,"endTime":59.426,"body":"it doesn't stay in effect,"},{"startTime":59.426,"endTime":61.194,"body":"for incapacitation."},{"startTime":61.194,"endTime":63.496,"body":"So basically, a durable power of attorney"},{"startTime":63.797,"endTime":65.331,"body":"is a power of attorney"},{"startTime":65.331,"endTime":66.733,"body":"that grants somebody"},{"startTime":66.733,"endTime":68.134,"body":"the authority to act"},{"startTime":68.134,"endTime":70.537,"body":"legally on your behalf."},{"startTime":70.537,"endTime":71.971,"body":"As part of a revocable"},{"startTime":71.971,"endTime":73.273,"body":"living trust centered"},{"startTime":73.273,"endTime":74.474,"body":"estate plan,"},{"startTime":74.474,"endTime":76.709,"body":"this is an essential document."},{"startTime":77.077,"endTime":78.311,"body":"In our last video,"},{"startTime":78.311,"endTime":80.18,"body":"I talked about a poor over"},{"startTime":80.18,"endTime":81.681,"body":"last will and testament"},{"startTime":81.681,"endTime":83.583,"body":"and how it's kind of a catchall."},{"startTime":83.583,"endTime":84.818,"body":"Well, the problem"},{"startTime":84.818,"endTime":86.953,"body":"with having that or having to use it"},{"startTime":87.187,"endTime":88.822,"body":"is that you have to go through"},{"startTime":88.822,"endTime":90.39,"body":"the probate process."},{"startTime":90.39,"endTime":93.193,"body":"And so if you are to become incapacitated"},{"startTime":93.526,"endTime":95.161,"body":"during your lifetime,"},{"startTime":95.161,"endTime":97.097,"body":"let's say that you name"},{"startTime":97.097,"endTime":99.165,"body":"Sally as your power of attorney,"},{"startTime":99.499,"endTime":102.035,"body":"and Sally is also your successor trustee."},{"startTime":102.402,"endTime":103.503,"body":"So as a successor"},{"startTime":103.503,"endTime":105.138,"body":"trustee, Sally is going to look"},{"startTime":105.138,"endTime":107.44,"body":"and see what all of your assets are."},{"startTime":107.44,"endTime":108.441,"body":"And Sally, sees"},{"startTime":108.441,"endTime":110.243,"body":"that you have a little rental house"},{"startTime":110.243,"endTime":112.112,"body":"that is in your name only"},{"startTime":112.112,"endTime":114.28,"body":"and not in the name of the trust."},{"startTime":114.28,"endTime":116.549,"body":"Well, because you are still alive,"},{"startTime":117.15,"endTime":118.551,"body":"Sally can"},{"startTime":118.551,"endTime":120.019,"body":"exercise her power"},{"startTime":120.019,"endTime":122.355,"body":"as your power of attorney"},{"startTime":122.355,"endTime":124.491,"body":"and transfer that rental house,"},{"startTime":125.158,"endTime":126.526,"body":"transfer the title"},{"startTime":126.526,"endTime":128.328,"body":"from your personal name"},{"startTime":128.328,"endTime":129.929,"body":"to the name of the trust."},{"startTime":129.929,"endTime":131.397,"body":"Why is that so important?"},{"startTime":131.397,"endTime":134.3,"body":"It's so important because by giving Sally"},{"startTime":134.3,"endTime":135.301,"body":"that power"},{"startTime":135.301,"endTime":137.57,"body":"and Sally actually using that power"},{"startTime":137.737,"endTime":138.872,"body":"to transfer"},{"startTime":138.872,"endTime":139.939,"body":"that rental property"},{"startTime":139.939,"endTime":142.108,"body":"from your name to the name of the trust,"},{"startTime":142.108,"endTime":144.611,"body":"she has literally saved your estate"},{"startTime":145.044,"endTime":146.613,"body":"thousands of dollars"},{"startTime":146.613,"endTime":149.115,"body":"by putting it into your trust now,"},{"startTime":149.382,"endTime":151.417,"body":"because once you pass away,"},{"startTime":151.417,"endTime":154.02,"body":"if Sally did not exercise that power"},{"startTime":154.02,"endTime":156.189,"body":"or she did not have that power,"},{"startTime":156.189,"endTime":158.258,"body":"then that particular rental house"},{"startTime":158.258,"endTime":159.425,"body":"is going to have to go"},{"startTime":159.425,"endTime":161.161,"body":"through the probate process,"},{"startTime":161.161,"endTime":162.695,"body":"costing your estate"},{"startTime":162.695,"endTime":163.763,"body":"thousands of dollars"},{"startTime":163.763,"endTime":166.399,"body":"to get it into either your heirs names"},{"startTime":166.566,"endTime":168.568,"body":"or to the names of your trust."},{"startTime":168.568,"endTime":170.403,"body":"So that is why a power of attorney"},{"startTime":170.403,"endTime":171.771,"body":"is so important."},{"startTime":171.771,"endTime":173.54,"body":"A durable power of attorney"},{"startTime":173.54,"endTime":175.175,"body":"will allow somebody,"},{"startTime":175.175,"endTime":177.51,"body":"your agent, to act on your behalf."},{"startTime":177.777,"endTime":180.28,"body":"And make sure that all of your finances"},{"startTime":180.28,"endTime":181.848,"body":"make sure all of your assets"},{"startTime":181.848,"endTime":185.084,"body":"are truly funded into your trust"},{"startTime":185.585,"endTime":186.886,"body":"for distribution"},{"startTime":186.886,"endTime":188.454,"body":"According to the terms of the trust,"},{"startTime":188.454,"endTime":190.823,"body":"exactly how you want things to happen."}]}