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When should I consider getting a financial power of attorney?

On Behalf of | Jul 26, 2020 | Estate Planning

Some aspects of your life seem so simple and routine that you cannot imagine the inability to do them. Tasks such as paying your bills and managing your mail are typically not things you worry about delegating.

Life is unpredictable, and its unpredictability can leave you feeling powerless when it comes to performing everyday tasks. A financial power of attorney can ensure that certain tasks are completed when you cannot accomplish them yourself.

Here are some of the ways a financial power of attorney may be able to help you.

Quarantine is covered

Isolation and unanticipated quarantine can present many challenges as we have recently learned. Whether you are in the hospital battling an unexpected illness or avoiding those who could make you sick, self-quarantine and isolation can make performing your regular financial tasks much more difficult.

When you grant someone the financial power of attorney, you give them the ability to manage your financial affairs on your behalf. The person with the financial power of attorney can help you pay bills, move assets, and take care of routine financial tasks.

Choose someone you trust

Appointing a financial power of attorney can be beneficial, but there is also a significant amount of responsibility that comes with that responsibility. If you choose the wrong person to manage your finances, you could find yourself with more serious problems than those you were trying to resolve or avoid.

Before you decide on a specific person as your power of attorney for financial matters, talk to them about the responsibilities they would be expected to assume, and the conditions under which they would have financial authority. The person you choose should be prepared to follow your directions and understand your financial intentions, and to act on your behalf as you would in the same circumstance.


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