What is Financial Power of Attorney?
A Financial Power of Attorney allows you to name a trusted person who will be responsible for managing your money and other property if you become mentally incapacitated (unable to make your own decisions) due to illness or injury, or are otherwise unavailable (deployed military or contractor, ex-patriot worker, etc.). In essence, this person steps into your shoes and may be empowered by law to do anything you can do.
What happens if I don’t have one and get sick?
If you are unable to make financial decisions for yourself and don’t have an updated Power of Attorney in place, a judge may appoint someone to take control of your assets and make all personal and medical decisions for you through a court-supervised guardianship or conservatorship. The court will select this person, not you.
Already Have a Power of Attorney?
A Power of Attorney can become obsolete fast. Many institutions are reluctant to rely on stale documents. Depending on your circumstances, an old power of attorney may be unable to help you and your family with insurance contracts, retirement plans, banking and investment accounts, social media accounts, and elder care and special needs planning. If it’s been a while since you’ve signed your power of attorney, it might be time for a fresh one.
If you think you may need a power of attorney or other legal services, please contact us for a consultation.