Frequently Asked Questions (FAQs)
What should I do if a salesperson pressures me to sign a contract immediately?
Never sign any document under pressure. Firmly state that your personal policy requires taking all agreements home for a 72-hour review period by your independent legal or financial advisor. If the salesperson claims the offer expires the moment you leave the room, treat that claim as an immediate warning sign of an unfavorable or predatory transaction and walk away.
Can a Power of Attorney agent change the beneficiaries on my life insurance or retirement accounts?
Generally, an agent acting under a standard Power of Attorney cannot change your beneficiary designations unless your POA document explicitly grants that specific, heightened power. Such permissions are known as “hot powers” under the Uniform Power of Attorney Act. To prevent unauthorized alterations to your estate plan, review your POA document with your lawyer to ensure you do not inadvertently grant your agent the power to rewrite your beneficiary designations or make major gifts to themselves.
How does the FTC Cooling-Off Rule apply to dinner sales seminars?
If you attend an educational dinner seminar at a hotel, country club, or restaurant and sign a contract for goods or services totaling $130 or more, the FTC Cooling-Off Rule grants you three full business days (until midnight of the third business day) to cancel for a 100% refund. The seller must provide you with a written cancellation form at the time of sale. To cancel, complete the form and mail it using a traceable method before the third business day expires.
Does a Last Will and Testament control assets held inside a Revocable Living Trust?
No. Assets correctly titled in the name of a Revocable Living Trust are governed strictly by the written terms of the trust agreement, not by your Last Will and Testament. Your will only governs assets held in your individual personal name at the time of death that lack valid beneficiary designations. To ensure your assets transfer smoothly, your estate planning attorney will often prepare a “pour-over will,” which directs any leftover individually held assets into your trust upon your death.
What is the biggest legal danger of adding an adult child as a Joint Tenant on my home deed?
Adding an adult child as a Joint Tenant with Right of Survivorship (JTWROS) gives them immediate partial ownership of your real estate during your lifetime. If your child gets divorced, files for bankruptcy, causes an auto accident resulting in a civil judgment, or owes back taxes, their creditors can place a legal lien against your home. Furthermore, transferring a portion of your home may constitute an uncompensated transfer for Medicaid look-back purposes, potentially disqualifying you from benefits if you need nursing home care within 60 months.
Disclaimer: The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content, and materials available on this site are for general informational purposes only. Information on this website may not constitute the most up-to-date legal or other information. Readers of this website should contact their attorney to obtain advice with respect to any particular legal matter.
