What is a Financial Power of Attorney, and why do I need one?

Financial Power of Attorney. Having a carefully-crafted estate planning strategy in place is one of the most important things you can do for your family. Granted, having open conversations about what to do when you are incapacitated or no longer around may not be the first thing you thought about when you woke up this morning. But there’s no denying having a plan in place is essential.

While most people immediately think of documents such as wills and trusts when it comes to their estate planning needs, there are a variety of additional solutions. This includes today’s topic: Financial Power of Attorney.

Financial Power of Attorney – a general overview

Similar to a will or trust, a financial power of attorney allows you the opportunity to leave detailed instructions behind for your family. A financial power of attorney, however, is more concerned with determining who you want to be in charge of managing your finances in the event you become incapacitated. Having this document in place can really help your family in a time of crisis.

Just a few tasks they can perform include:

  • Accessing your bank and investment accounts
  • Paying bills (including medical expenses)
  • Transferring and selling your assets
  • Purchasing insurance on your behalf

A financial power of attorney does not take effect until the day you are considered legally incapacitated. At that point, the person in charge can do whatever they need to so long as they are acting in your best interests. In the event you pass away, the document is no longer valid.

How do I get a financial power of attorney?

There are a variety of options online where you can print out a form and have it signed and notarized. But this option doesn’t always account for your specific situation. At Nelson Law Group, we carefully guide you through the estate planning process and help you make thoughtful, informed decisions.

Other estate planning documents we help prepare include:

  • Last Will and Testament
  • Revocable Living Trusts
  • Durable Powers of Attorney
  • Medical Authorizations
  • Burial directives
  • Declarations of Guardian
  • Advanced healthcare directives/living wills

Call Nelson Law Group today!!

When it comes to protecting your family’s future for years down the road, it is imperative to have an estate planning attorney in your corner at all times. Give our knowledgeable staff here at Nelson Law Group, PC a call if you have any further questions regarding this – or any other – issue. Our staff is always available.

Give us a call today! For more information about Brett A Nelson click here.