Historically, life insurance has been a taboo subject.
As humans, we’re hardwired to think we’ll live forever. Since discussing life insurance means we’re addressing our own mortality, far too many of us choose to avoid the situation altogether.
Fortunately, the tide appears to be turning as more and more families choose to buy coverage for their families.
A study from Life Happens and life insurance research and development agency (LIMRA) showed that over 106 million of American adults are in need of some type of life insurance coverage or more of it.
Further, the number of households with life insurance coverage decreased by 13% over the last decade.
Parents under 45 with children in the home are buying coverage at higher levels than ever. From 2010 to 2022, individual coverage for millennials under the age of 35 also grew by a whopping 48 percent.
While this is all good news, far too many families still don’t have enough life insurance coverage in place. As a 2022 study from Bankrate showed, nearly half of respondents said they had less than $100,000 in coverage, while 21 percent noted they had $21,000 in coverage or less.
While some coverage is better than nothing, for most families, this isn’t nearly enough.
Introducing Haven Life
Fortunately, there’s a new – and easy – way to purchase the right amount of term life insurance coverage for your family. With Haven Life, you can apply for a tailored life insurance policy online and get coverage in a matter of days – or even hours.
Better yet, you can purchase a Haven Life term life insurance policy on top of the life insurance coverage you already have. So, if you have a life insurance policy through your employer, you don’t have to give it up. Best of all, term life insurance typically coverage costs a lot less than you think.
But, why Haven Life? First off, Haven Life only sells affordable term life insurance. With Haven Life, you’ll never have to endure a long sales speech about whole life insurance that costs an arm and a leg.
Since Haven Life only sells term coverage, you can shop for the coverage you want without worrying about cheesy salesman or absurd pricing. Keep in mind, a 35-year-old man could buy $500,000 in term life insurance coverage for as little as $21 per month!
Another huge reason to shop for life insurance with Haven Life? You can apply entirely online. By clicking through to Haven Life’s online application page, you could be on your way to affordable life insurance coverage in minutes.
Simply fill out the application with your personal details, health information, and life insurance needs, and you’ll quickly find out how much you qualify for – and how much it costs.
And if you’re in perfect health, the news could be even better.
Because Haven Life offers InstantTerm – a type of policy that doesn’t require a medical exam – those with excellent health could apply for life insurance coverage and have a policy in place within hours. You don’t have to apply for an InstantTerm policy separately, either.
Once you fill out Haven Life’s application, you’ll find out whether you qualify for InstantTerm right away. Check to see if no exam life insurance for smokers applies to you.
If you do not qualify, you will have 90 days to go through the standard medical exam procedure that most other term life insurance companies employ.
Where you once had to sit in a stuffy insurance agent’s office to buy life insurance or get contacted by a bunch of agents through an online form, the online application process created by Haven Life has made buying a policy that much easier.
Better yet, you’ll get the same quality of coverage you would buy through a normal agent and you get coverage that is competitive with the rest of the industry, even those that require a medical exam.
With Haven Life, you can count on receiving:
A simple online application process
No medical exam for qualified, healthy applicants
Easy price and policy comparisons
An immediate decision with InstantTerm
Backing of Mass Mutual, an insurer with 160 years of experience
A plain language no commission policy
The Haven Life Online Application Process
Since you’re reading this review, you’re probably aware you need more life insurance coverage. While you’ve taken a positive first step in the right direction, you’re not done yet.
In order to receive the coverage your family so desperately needs, you need to move forward with the application process.
The good news is, the Haven Life online application process is simple – and with no strings attached. To get started, you’ll simply head to HavenLife.com and fill out some basic information on the home page.
From there, you’ll select the prompt that says “Apply Now.”
Once you begin your application, you’ll need to fill out some basic information about yourself, your income, your family, and your health.
Before you get started, here are some details you’ll need to have ready:
Name
Address
Income
Net Worth
Employment Status
Military Status
Criminal History
Driving History
Travel Plans
Tobacco Use
Alcohol Use
Health History
Social Security Number
Driver’s License Number
Once you submit the required information, you’ll get an answer immediately on whether you’re approved or not and how much your monthly premium will be.
In some cases, you’ll need to complete a medical exam to get coverage, but will still have coverage while the underwriting process takes its course.
Fort those who qualify with the best rate class, however, will likely qualify for an InstantTerm policy with no medical exam required. With Haven Life’s InstantTerm, you can apply for coverage in the morning and have a life insurance policy in place by afternoon.
How Much Does Term Life Insurance from Haven Life Cost?
While whole life insurance coverage can be prohibitively expensive, term life can be downright cheap. I filled out a few applications to work up some examples, and here’s what I found:
A 35-year-old woman in excellent health can buy a 20-year term policy with a death benefit of $500,000 for as little as $18.50 per month.
A 47-year-old man in excellent health can buy a 20-year term insurance policy for $500,000 for as little as $58.50 per month
A 26-year-old man can buy a 30-year term life policy for $250,000 for as little as $19.75 per month.
A 36-year-old woman can buy a 20-year policy for $750,000 for as little as $28 per month.
At the end of the day, the cost of your policy depends on factors such as your age, your health, and how much coverage you want to buy.
That’s why filling out a preliminary application with Haven Life is the best way to get started – you don’t know how much you could save unless you apply.
Even if you hope to buy a larger policy, it may be more affordable than you think.
On the other hand, Haven Life does have the right to deny applicants who have poor health or a higher risk of early death. And even if you’re quoted an affordable monthly rate, the true monthly premium of your policy could change once your medical exam results are read.
Fortunately, you are not required to purchase a term life insurance policy from Haven Life – even after you submit an application and complete a medical exam.
Also keep in mind that Haven Life offers quotes from competing insurers as well as their own. If you could find a better deal on term life insurance elsewhere, Haven Life will let you know.
Since term life insurance all works similarly, the best thing you can do is shop around among different issuers or at least compare prices before you buy. Haven Life makes this part easy by offering competing quotes directly on their own site.
Haven Life Plus
Haven Life has unveiled a new “rider” on their insurance plans, and it’s very different than most riders out there. You don’t get accelerated death benefit or anything like that. Instead, you’re getting additional benefits that you won’t get with any other carrier.
First, you’re getting legal services (wills and healthcare power of attorney) through Trust & Will. These services usually cost $129, but if you have a Haven Life insurance plan, you get them for free.
Next, you’ll get 15% off health care services at any MinuteClinic. These MinuteClinics are in CVS and Targets across the country. You don’t have to have an appointment and they are open every day.
Additionally, if you’re a Haven Life policyholder, you get a LifeSite membership for free. LifeSite is a secure and easy way to store all of your important documents and share them across multiple platforms and devices. A membership typically costs $80, but you get this for free with Haven Life.
The most interesting benefit of Haven Life Plus is the discount to use TeloYears. What is TeloYears? It’s an at-home DNA test which details your biomarkers. These biomarkers can outline some ways you can improve your health and point out any potential problems in your lifestyle.
Lastly, you’ll get a LifeLink subscription. The goal of LifeLilnk is to make calling emergency services as easy and simple as possible. If you’re ever in an emergency, LifeLink allows you to get in touch with emergency services with just one button. After the call is over, your emergency contacts will be automatically contacted.
All of these benefits are included in the cost of your plan. You won’t have to pay extra for the benefits. Haven Life wants to help you live your best life, not just provide coverage after you pass.
What are People Saying About Haven Life?
Although Haven Life launched in May of 2015, they have already built an excellent reputation among both consumers and life insurance ratings agencies.
This is partly because Haven Life is owned by MassMutual, an insurer with 160 years of experience in the life insurance business.
As of February 2023, MassMutual and its subsidiaries C.M. Life Insurance Company and MML Bay State Life Insurance Company were rated by A.M. Best Company as A++ (Superior; Top category of 15).
Of course, ratings aren’t nearly as important as firsthand reviews and experience. Fortunately, I know one person who saved almost 50 percent on her premiums when she bought a 20-year term policy for $1,000,000 last year.
Where another company quoted her $60 per month for coverage, a policy with Haven Life came in at just $28 per month.
Haven Life on Trust Pilot
Trust Pilot also offers a range of ongoing reviews from new Haven Life customers. Here are some of the reviews consumers have left:
“The experience with Have Life was excellent. The process was very easy and not burdensome. The response was quick and not drawn out like I experienced with other life insurance companies.” – Tiffani
“Can’t say enough good comments about this product and the ease, no hassle experience with this company. Their website is very easy to use which made it easy to decide exactly what I wanted. A couple of emails back and forth, a 20-minute visit by the nurse to for the medical checkup and that was it. No pressure, no trying to steer me to a different product, can’t beat it!” – William
“The process of buying life insurance through Haven Life was great. I dreaded going to see a financial advisor who would try to sell me on products I didn’t want or need. This was a perfect alternative to that process and took less than 30 minutes to complete. If you know what your looking for and don’t want the hassle of a salesman trying to upsell you, Haven Life is perfect.” – Benjamin
How Much Life Insurance Should I Buy?
If you’re one of the millions of Americans who have some life insurance coverage, you might wonder whether buying more is a good investment. Keep in mind that most experts suggest buying at least 5-10x your income in life insurance coverage. If you earn $50,000 per year, for example, you’ll want to have at least $250,000 – $500,000 in place.
While this is a good place to start, many experts believe you need a whole lot more.
Fortunately, Haven Life offers a life insurance calculator you can play around with to get an idea of how much coverage to buy. Based on your answers to a series of questions, you can get a general range of coverage that will adequately protect your spouse and kids.
While there are numerous reasons to load up on life insurance coverage, here are some of the main life expenses your policy needs to cover:
Income Replacement – If you or your spouse were to pass away early, you would need to make sure your life insurance policy was adequate to replace your income during your working years.
College Tuition – If you have children and want them to attend college, it’s important to consider this expense when you buy life insurance. With enough coverage in place, you could get your kids through college debt-free.
Mortgage Payments – Whether you have the typical thirty-year mortgage or a loan with a shorter term, it’s important to consider how this loan will be paid off if you died. Consider adding enough life insurance to pay for your mortgage in its entirety upon your death.
Funeral Expenses – Passing away before your time is both tragic and expensive. Depending on the type of funeral your family plans, they might need to spend $10,000 or more. Make sure your life insurance policy is large enough to cover funeral expenses in addition to everything else.
Children’s Expenses – Kids are expensive, and they only get more expensive as they age. If you have children at home, make sure you have plenty of coverage to pay for daily living expenses, college tuition, sporting events, weddings, and more.
Who Can Get a Haven Life Policy?
If you’re thinking about getting a Haven Life term life insurance policy, you’re in luck. Currently, the insurer sells affordable term life insurance in 48 states plus the District of Columbia.
They’re not yet available in California or Montana, but they hope to change that soon.
To qualify for a policy, you must meet medical standards or pass a medical exam set up by Haven Life. You should be at least 18-years-old but younger than 65. You also need to meet the following qualifications:
Be a non-military U.S. citizen
Have a valid driver’s license
Not intend to use the policy for business purposes or to replace another policy
Financial Strength of Haven Life
The financial strength of Haven Life is evidenced by the fact that it is backed by the 150-year-old MassMutual, a leading provider of life insurance and retirement products.
With over $500 billion in assets, MassMutual has maintained an A++ rating from AM Best for nearly two decades, making it one of the most highly rated life insurers in the US. Additionally, Haven Life is licensed to sell life insurance in all 50 states and also holds licenses with other jurisdictions.
RATING AGENCY
RATING
OUTLOOK
A.M. Best Company
A++ Superior
Stable
Fitch Ratings
AA+ Very Strong
Stable
Moody’s Investors Service
Aa3 High Quality
Stable
Standard & Poor’s
AA+ Very Strong
Stable
The Bottom Line – Haven Life Insurance
If you’re thinking of buying a term life insurance policy, don’t delay.
The younger you are when you buy a policy, the more affordable your monthly premiums will be. And if you should happen to become sick, you’ll have peace of mind knowing you already have the life insurance coverage you need.
To get started, visit Haven Life’s home page to begin the quick and simple process of applying online. Within a matter of minutes, you should have a general idea of whether you’ll qualify, how much coverage you can buy, and how much your monthly premiums will cost.
You may not want to talk about life insurance, but you do need to act. Buying an inexpensive term policy is the best way to protect your family today, tomorrow, and always.
Do you have term life insurance coverage? How much did you pay?
Haven Life offers a refreshing approach to life insurance, making the process of purchasing a policy easier and more convenient for consumers. The company provides a user-friendly online platform where you can quickly compare different life insurance options, determine your coverage needs, and apply for a policy. The application process is straightforward and easy to complete, with no medical exams required in many cases. One of the standout features of Haven Life is the use of technology to streamline the life insurance experience. From the online platform to the automated underwriting process, everything is designed to make the process as fast and hassle-free as possible. Customers also appreciate the ability to manage their policy online, view account information, and make payments with ease.
Cost and Fees
Customer Service
User Experience
Overall
4.3
Pros
Convenient online process: Haven Life makes it easy to purchase a life insurance policy online, with a simple and straightforward application process.
No medical exams required: In many cases, Haven Life does not require a medical exam for approval of coverage, making it a convenient option for those who are healthy and do not want to go through a medical exam.
Affordable: Haven Life offers competitive life insurance rates, making it a cost-effective option for many consumers.
Access to financial advice: Haven Life provides customers with access to financial advice and support, helping them make informed decisions about their coverage and overall financial health.
Cons
Limited coverage options: Haven Life primarily offers term life insurance, which may not meet the needs of everyone. If you are looking for a more comprehensive coverage solution, you may need to consider a different company.
Online process may not be for everyone: While the online process can be convenient for some, it may not be ideal for those who prefer to work with a human agent.
Potential for higher premiums: If you have pre-existing health conditions, you may be charged a higher premium for life insurance coverage, which could make it more expensive than other options.
Newer company: Haven Life is a relatively new company in the life insurance market, which may make some customers hesitant to work with them.
LifeHappens.org (2022 April) Owning Life Insurance Provides a Clear Path to Financial Security Retrieved from https://lifehappens.org/research/owning-life-insurance-provides-a-clear-path-to-financial-security/
MassMutual.com (n.d.) Financial Performance and Insurance Ratings Retrieved from https://www.massmutual.com/about-us/massmutual-financial-summary
Trust Pilot Haven Life Review (n.d.) Retrieved from https://www.trustpilot.com/review/havenlife.com
The 2022 TIAA Institute-GFLEC Personal Finance Index (2022) Retrieved from https://gflec.org/wp-content/uploads/2022/04/TIAA-Institute-GFLEC-2022-Personal-Finance-P-Fin-Index.pdf?x59497
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When someone passes away, it’s up to their executor to handle the probate process. But what happens if the executor of a will dies? While that’s a rarity, it can create complications as someone else will need to fill the executor role. Naming a successor executor is one way to avoid that scenario and other contingencies that might affect the settlement of an estate.
Talking to a financial advisor can be helpful for planning ahead for any obstacles that may arise during probate.
An Executor Plays a Pivotal Role in the Estate Settlement Process
In estate planning, an executor is someone who is charged with settling the estate of a deceased person. When someone writes a will, they can name a person of their choosing to act as executor. If someone dies without a will in place or did not name an executor, any interested party may petition the probate court to become the executor.
What does the executor of a will do? Broadly speaking, they settle the estate during the probate process. The duties and responsibilities of an executor include:
Creating an inventory of the deceased person’s estates
Notifying creditors of the person’s passing
Liquidating estate assets to pay creditors if necessary
Distributing remaining assets among the decedent’s heirs, according to the terms of their will
Executors are obligated to follow a fiduciary standard when settling estates. That means they must act in the best interest of the decedent’s heirs at all times. If they fail to do so, an executor can be removed.
What Happens If the Executor of a Will Dies Before the Testator?
The testator is the person who makes the will and the person on whose behalf an executor acts during probate. If the executor of a will passes away before the testator, then a new one can be named. That may require the testator to amend an existing will or nullify it and draft an entirely new one to change the executor.
If the testator takes no action and doesn’t amend their will or write a new one, then it’ll be up to the court to name an executor once they pass away. Again, any interested person can petition the court to become the executor.
That takes the burden of naming an executor off of the testator. However, it leaves the door open for someone who may not be qualified to step into the role, or who might not have the wishes of the testator in mind when executing the will.
What Happens If the Executor Dies During the Probate Process?
If the executor dies during the probate process, a successor executor can step in to finish the estate settlement. That assumes, however, that the testator was forward-thinking enough to name one or more successor executors to prevent the estate from being left without one.
When there is no successor executor named in the decedent’s will, then the court will have to name one. If only one person has submitted a petition to become the executor, the job might go to them. However, if there have been multiple petitions submitted the probate court can weigh the merits of each one before deciding.
How to Avoid Complications If an Executor Dies
If you’re the person who’s making a will, the easiest way to avoid complications that may result from the death of an executor is to name one or more individuals to succeed them. That way, if the executor passes away before you do or during the probate process, there will be someone else waiting in the wings to take up the reins.
You could also consider putting some of your assets into a trust, which would allow them to bypass probate altogether. With a trust, a trustee is in charge of managing assets on behalf of the beneficiaries that you name. You’ll have to name a trustee in this case, which could be the same person as your executor but does not have to be.
Placing certain assets in trust could avoid complications following the death of an executor since the trustee would be responsible for distributing them anyway. Instead of waiting for probate to conclude, the trust beneficiaries would be able to access their inheritance according to the terms you set in the trust document.
The Executor’s Guide to Probate Bond
As mentioned, acting as an executor entails certain responsibilities and you’re obligated to follow a fiduciary code of conduct. Before someone can be appointed as an executor, the court may require a probate bond to be issued.
Probate bonds are designed to ensure that estate executors act in good faith and do not abuse their privileges. The bond protects the estate’s beneficiaries, not the executor, but the executor is the one responsible for purchasing it.
A probate bond is essentially an insurance policy against any financial losses that might occur if the executor abuses their power or otherwise mismanages the estate. The amount of the bond can correspond to the amount of the estate in question.
If all the parties involved in the settlement of an estate agree, then a waiver of bond can be submitted to the court. However, that can leave the beneficiaries of the estate open to losses if the executor fails to do their job properly.
How to Transfer Vehicle Ownership of the Deceased
One common question executors may have to deal with is how to transfer a car title after the owner dies. The answer can depend on several factors, including whether the car was owned by one person or multiple persons and whether any provision was made in a will for its transfer.
If the title to the vehicle has more than one name on it, then the surviving owner may inherit the vehicle automatically. They can change the title to put in their name only, without any further intervention from the executor.
When the title is in the name of the deceased owner only, the title will have to be changed to whoever is going to assume ownership. If the car is included in probate because it hasn’t been transferred to a trust, then you likely won’t be able to do that until probate ends and ownership of the car is assigned to one of the decedent’s heirs.
There are a few documents you’ll typically need to transfer a vehicle title after death:
A copy of the owner’s death certificate
The original title
Probate court documents allowing the transfer
The process for transferring vehicle ownership after someone passes away can vary from state to state. It may be a good idea to consult probate rules and the local DMV to determine what’s needed to complete the transfer.
How Much Does It Cost to Probate a Will?
The amount of money required to probate a will can vary by state. It’s common, however, for the cost to range anywhere from 3% to 8% of the estate’s value. In terms of what’s involved, the various costs can include:
Court filing fees
Attorney’s fees
Fees paid to accountants
Certificate fees for official documents
Notification fees if you’re required to publish a public notice for creditors
Probate bond fees
Appraisal fees if you need to determine the value of estate assets
Postage and mailing fees
Storage fees if you have to keep assets in storage before probate ends
Notary fees, if necessary
Fees paid to the administrator of an estate sale, if applicable
It’s the executor’s job to keep track of fees associated with probate and pay them out of estate assets. There is one exception, as executors who are required to purchase a probate bond must typically pay the fee for that themselves.
Also, keep in mind that the executor is entitled to collect a fee for their services. The fee can vary from state to state but it’s not uncommon for an executor to receive anywhere from 2% to 5% of the estate’s value for their time.
The Bottom Line
Knowing what happens if the executor of a will dies can help you to avoid headaches if you find yourself dealing with that situation when a loved one passes away. Taking care to build some protections into your own estate plan by naming successor executors or setting up a trust for certain assets can allow for a smoother probate process after you’re gone.
Estate Planning Tips
If you’re named as the executor to a will, it’s important to know what obligations you have and how to avoid any breach of fiduciary duty. Talking to a financial advisor can give you a better understanding of what’s expected of you. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
If you don’t have a will in place yet, you might want to consider drafting one. You could hire an estate planning attorney but it’s easy to draft a will online if you have a fairly simple estate. You may also consider adding a trust, power of attorney and advance health care directive to your estate plan to cover all the bases.
Rebecca Lake, CEPF®
Rebecca Lake is a retirement, investing and estate planning expert who has been writing about personal finance for a decade. Her expertise in the finance niche also extends to home buying, credit cards, banking and small business. She’s worked directly with several major financial and insurance brands, including Citibank, Discover and AIG and her writing has appeared online at U.S. News and World Report, CreditCards.com and Investopedia. Rebecca is a graduate of the University of South Carolina and she also attended Charleston Southern University as a graduate student. Originally from central Virginia, she now lives on the North Carolina coast along with her two children.
A power of attorney, or POA, in Indiana is a legal document that allows you (“the principal”) to appoint another person (an “agent” or “attorney in fact”) to act on your behalf. A power of attorney in Indiana must meet several requirements to be valid.
In Indiana, you can get a power of attorney for situations related to health care, finances, minor children or other situations.
Indiana power of attorney requirements
A power of attorney in Indiana must meet all of these requirements to be valid
:
The principal must be a mentally competent adult.
The agent must be a mentally competent adult. You can name co-agents (this can be a good way to designate a successor agent in case the first agent becomes unavailable).
The POA typically must be in writing and notarized — or signed with two witnesses present. (For a medical POA, only one witness is legally required, and a minor child POA has no legal requirement but notarization is recommended.) Using a notary can be a good idea even if you have witnesses; it improves your chances that third parties will accept the power of attorney.
Your witnesses can’t be your agent, successor agent, or anyone who benefits or is granted power from your POA; they also can’t be spouses or descendants of any of these disqualified people.
Best for: Users who want an all-inclusive experience. Cost: $99 per year for Starter plan. $139 per year for Plus plan. $209 per year for All Access plan.
Best for: Ease of use. Cost: One-time fee of $159 per individual or $259 for couples. $19 annual membership fee thereafter.
Best for: State-specific legal advice. Cost: $89 for Basic will plan. $99 for Comprehensive will plan. $249 for Estate Plan Bundle.
Types of Indiana powers of attorney
There are three major types of Indiana power of attorney:
Financial POA: This document gives your agent authority to handle business and financial matters for you, such as paying your bills or buying and selling property for you.
Medical POA: This document allows your agent to make medical decisions for you if you’re unable, including deciding the treatments or medication you receive and which providers treat you.
Power of attorney over a minor child: This POA lets you choose someone to temporarily care for a minor child for up to 12 months. Some reasons for this type of POA include a parent being ill, deployed in military service or in the process of moving.
Additionally, Indiana recognizes these subcategories of powers of attorney:
General power of attorney: This grants your agent broad authority over your business and financial affairs, and it remains in effect only as long as you’re able to make your own decisions.
Durable power of attorney: This means the power of attorney remains valid even if you lose the ability to make your own decisions.
Springing power of attorney: This type of POA only activates under certain specified conditions, such as a minor coming of age or the principal becoming incapacitated.
Limited power of attorney: This type of POA only gives your agent authority over a specific transaction or event for a limited period of time.
Real estate power of attorney: This type of limited POA allows your agent to purchase, sell, manage or refinance property on your behalf.
Tax power of attorney: This type of limited POA lets someone else file your taxes, access your tax information and communicate on your behalf with the Indiana Department of Revenue
.
Vehicle power of attorney: This type of limited POA lets your agent represent you in titling and registration matters with the Indiana Bureau of Motor Vehicles.
How to get a power of attorney in Indiana
Here’s what you need to do to create a valid power of attorney in Indiana:
Select your agent(s).
Include in your POA document any specific powers you’d like your agent to have.
Sign your POA in the presence of required witnesses and/or notary public.
Store your original document in a safe place.
Give a copy of your POA to your agent and to any financial institutions or medical providers your agent will be dealing with.
If your agent has the authority to complete real estate transactions for you, file a copy of your POA with the land records office, which in Indiana is called the recorder’s office.
Review and update your POA as needed.
Frequently asked questions
Are there any tax implications I should be aware of?
If you plan to have someone file your taxes for you or represent you with the Indiana Department of Revenue, you’ll need to create a tax power of attorney (Form POA-1). You give the POA to the Indiana Department of Revenue by mail, fax or electronically.
How soon does my Indiana power of attorney take effect?
Unless you’ve created a springing power of attorney that takes effect on a certain date or when specific conditions are met, your POA becomes effective as soon as it’s signed, witnessed and (if necessary) notarized.
When does my Indiana POA end?
The power of attorney may end when one or more of these things happens:
You revoke the POA.
No agent is available.
A court invalidates the power of attorney.
Five years have elapsed (for tax powers of attorney).
Additionally:
Limited POAs end when the specified date arrives or the specified conditions are met.
Nondurable POAs end if the principal becomes incapacitated. In Indiana, all POAs are durable by default unless otherwise stated in the document.
What types of things can my agent do for me under an Indiana POA?
Indiana allows your agent to do a broad range of things for you, such as:
Banking and other financial transactions.
Managing bonds, stocks and other securities transactions.
Handling your business or organization.
Performing real estate transactions.
Administering retirement plan transactions.
Overseeing tax matters.
Receiving government benefits.
Making medical decisions on your behalf.
What happens if my agent acts improperly?
Under Indiana law, your agent is obligated to act in your best interests and to record all actions taken on your behalf for six years. As the principal, you’re entitled to request a written accounting of your agent’s actions, which the agent must give you (or any of your children who request it) within 60 days. If this accounting reveals improper actions, your agent is liable for all damages and related legal fees. If you’re unhappy with your agent for any reason, you’re always free to revoke or revise your POA to designate a new agent.
Active-duty military members face incredible stress. Whether they’re in combat zones or serving during times of peace, our service members experience challenges civilians may not consider, including being deployed and away from loved ones for months at a time.
So if you’re serving in the military, you may not be focused on opening new credit accounts or taking out loans. But putting an active-duty alert on your credit report makes it harder for thieves to open an account in your name, which can’t replace precious time with your family, but it can help alleviate concerns about identity theft while you’re deployed.
What Is an Active-Duty Alert?
An active-duty alert tells potential creditors and lenders you’re deployed and they should verify your identity before giving you credit. It appears on all three of your credit reports from the major credit bureaus: Experian, Equifax and TransUnion.
An active-duty alert functions in the same way as an initial fraud alert. Before granting credit, the lender should make a phone call to determine that you were the one who filled out the application.
Once you apply for an active-duty alert with one of the three major bureaus — Equifax, TransUnion, and Experian — that bureau must share the information with the other two credit bureaus. That means you only need to fill out the online application or mail the paperwork once. If you’re deployed, you can give a representative power of attorney (legal authority) to verify your identity or remove the active-duty alert for you.
As an added benefit, with an active-duty alert on your credit report, you won’t receive prescreened credit card or insurance offers for two years after placing the alert. You can also receive two free credit reports from each credit bureau the year you place an active-duty alert.
How Active-Duty Alerts Work
Once you fill out the application for an active-duty alert, it becomes harder for someone — including you — to take out a loan or apply for credit in your name. That can protect you from headaches and stress while you’re serving your country.
When a creditor sees an active-duty alert on your credit file, they’re supposed to call the phone number you provided to verify your identity before processing the application. You can easily remove the active-duty alert or change the phone number with the credit bureau where you initially filed the alert.
How Long Does an Active-Duty Alert Last?
An active-duty alert lasts for one year from the date it’s granted or until you remove it, whichever comes first. While you only have to apply for an active-duty alert with one bureau, you must remove them from all three of your credit reports individually.
However, your name stays off mailing lists for prescreened credit card and insurance offers for two years. You can also reapply for an active-duty alert after your first one expires.
If you’re a victim of identity theft, it’s better to apply for an extended fraud alert, which stays on your credit report for seven years.
How to Set Up an Active-Duty Alert
Setting up an active-duty alert is easy and free. You can do it online or by mail. The process differs slightly among all three credit bureaus, but the basic process is similar.
Choose where you’d like to file your active-duty fraud alert. Decide if you’d like to file your alert with TransUnion, Experian, or Equifax. The credit bureau you use will pass the information on to the other two.
Gather the appropriate information. You must provide your legal name, Social Security number, and address.
Submit the form. If you typically use a particular bureau to manage your credit score, use that one. Otherwise, you can use any of the three. You have the option to mail the form, use the website, or call the toll-free number.
Equifax P.O. Box 105069 Atlanta, GA 30348-5069
800-525-6285 Online
Experian P.O. Box 9554 Allen, TX 75013
888-EXPERIAN (397-3742) Online
TransUnion P.O. Box 2000 Chester, PA 19016
800-916-8800 Online
Final Word
It may not be as easy to keep tabs on your finances or review credit card statements while you’re serving. But placing an active-duty alert on your credit reports makes it harder for thieves to steal your identity or open credit cards in your name.
But you don’t have to stop there. TransUnion provides an additional service. TransUnion Active Duty Credit Monitoring offers unlimited access to your TransUnion credit report daily and emailed alerts if the service detects any significant changes to your credit report. Your subscription lasts for two years. After that, you may have to recertify your status as active-duty military.
Today’s tools make it easy for military members serving at home or overseas to keep tabs on their credit and manage their financial future. Leveraging active-duty fraud alerts, TransUnion’s credit monitoring, and financial products designed for active military members and veterans can help you save money and protect your credit as you serve your country.
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Dawn Allcot is a full-time freelance writer and content marketing expert, specializing in personal finance, technology, real estate, and insurance. Her work has been widely published across the web, including on Bankrate, The Balance, Solvable, and the award-winning Chase News & Stories portal. Dawn is, additionally, the founder of GeekTravelGuide.net, a travel, technology, and entertainment website for the geek in all of us.
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