Like most people, you have a strong interest in maintaining stability with your finances.
But what would happen if you’re incapacitated and unable to make your own decisions? Would your finances still be in good hands?
This is where a financial power of attorney can help. Not only is this useful for you, as it provides peace of mind, but it’s also something that can help your family during a difficult time.
If you’re interested in creating a financial power of attorney, you first need to decide who you will name as your agent. This is the person responsible for making financial decisions on your behalf if you’re unable to do so, so don’t jump the gun and make a rash decision.
Also, you have the opportunity to grant as much power or as little power as you want. You can do this by deciding what types of tasks you want your agent to take on. Some of the most common include:
- Managing your bank accounts, retirement accounts, and pension (if applicable)
- Managing real estate
- Paying your bills and taxes
- Maintaining your insurance, such as medical, long-term care, and life
- Operating your small business on your behalf
- Investing
- Paying medical expenses as they arise
Remember, your agent doesn’t have the power to do whatever they want. They need to follow the terms and conditions of the financial power of attorney, while also making decisions that are in your best interest.
The best way to protect against trouble is to choose an agent that you trust 100 percent. This will give you peace of mind that they’ll always make the right decisions at the right time.
If you’re interested in creating a financial power of attorney, contact us to learn more about the process. We can answer your questions and help you create a document that is right for you and your family.
- What to Tell Your Adult Children About Estate Planning - April 14, 2021
- Preparing for the Unexpected…and the Eventual - April 13, 2021
- Selecting an Estate Planning Attorney – Wisely - April 8, 2021
