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How Financial Power of Attorney Works

September 22, 2015

Filed under: Estate Planning — Neel Shah @ 9:15 am

If you are concerned about being able to manage your finances as a result of incapacitation or another challenge in the future, you might be considering financial power of attorney. This is a simple and cost-effective way for someone else to step in to play this role if you become unable to do so. shutterstock_152093909

Without a financial power of attorney, your family members might have to request a court proceeding in order to obtain authority for the management of your finances. You can draft this document to go into effect as soon as it’s signed, or you can specify that it becomes active when a doctor determines your incapacity. This is what is known as a springing durable power of attorney. Discuss with your estate planning attorney whether this makes sense for you.

 

The person you give authority to regarding your financial affairs is known as your agent. He or she can manage various parts of your finances like collecting government benefits, investing your money in mutual funds or other vehicles, paying taxes on or buying/selling real estate, or even using your assets to help pay for the everday assets of you and your family. To learn more about a financial power of attorney and what it can do for you, contact our offices today.

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