Benefits provided by social security are often one component of an overall estate plan that can also easily slip through the cracks. It is essential to have a financial power of attorney to ensure that there is another person to step in and take care of your finances if you become unable to do so as a result of illness or injury.
A financial power of attorney is a crucial component of your estate plan and since part of managing your overall finances is to manage your social security benefits, it is important to realize that the social security administration doesn’t recognize power of attorneys. In fact, you may need to contact the social security administration in advance as part of your estate plan to name a designation of a representative payee.
This program was created under a 2018 law that allows a person to name one or more other individuals responsible for managing the applicant’s social security benefits. The SSA then must work with the named individuals or individual. You can rank up to three people as advanced designees and list them in order of priority.
A person who is already getting Social Security benefits at their age can also name an advanced designee at any time and someone who is just beginning to claim benefits from the Social Security Administration can also name the designee during the claiming process.
You can do this on the Social Security website or by contacting the social security administration over phone to get further support. Using the website is currently in your best interests as many different government agencies are being contacted by many people at once and there are long wait and hold times on the phone. Schedule a consultation with an experienced estate planning lawyer today to discuss benefits including Social Security that might affect your future planning.