Arranging your financial affairs can be an overwhelming time for anyone. However, if you do not arrange your financial affairs ahead of time, you leave your family confused and stressed during an already overwhelming time. When you choose a durable power of attorney for your finances, you appoint someone to manage your finances if you become incapable of doing so yourself. This is a reliable and inexpensive way to ensure that your finances will be arranged based on your wishes.
A financial power of attorney will not only ease financial matters on your part, but it will also allow your family to grieve in peace. Many spouses choose to have power of attorneys for each other so that they can make financial decisions if one is unable to. It is imperative that you label your power of attorney as durable so that it extends if you become incapacitated.
The manager of your durable power of attorney is known as your attorney-in-face, or your agent. This person will handle all of your finances. However, you are in control of what they manage. You can choose 100% control, or limited control. Your power of attorney can use your assets to pay daily expenses, collect or manage your government benefits including but not limited to Social Security and Medicare, and file or pay your taxes. They are also able to invest your money in a variety of ways and operate your business if you have one. This person is also capable of managing your retirement accounts, representing you in court, transferring properties to a trust, and handle any other financial transactions.
Contact Gaudy Law today for all of your legal needs. We are always available to help you with your probate and estate planning needs. We can help you get all of your financial affairs in order.