08/17/2020
Hello everyone! It's been awhile since I posted some info. Hope everyone is hanging in there during these continuing crazy COVID times! I thought it best to review the most important thing you can do to help yourself. POWER OF ATTORNEY DOCUMENTS!
FINANCIAL POWER OF ATTORNEY (POA)
One of the most important documents you should have no matter your age, health, or lifestyle. It's super easy to do.
What is it? When you become ill or incapacitated-- either for the short- or long-term -- you'll need someone to pay your bills, and handle financial decisions and matters. The person you choose, called your "agent", and your wishes are specified by you in the Financial Power of Attorney document. It is recommended to choose at least two people to be your agent in the event one can not fulfill the duties. Your agent(s) should be someone you trust, understands your wishes, and agrees to be your agent. You may think you don't need this document if you have a spouse or close family to help you, but many companies will not talk to even a spouse or children without the Financial POA.
Some people decide to use a do-it-yourself online site to create the legal documents, make sure the site is state-specific and written/approved by attorneys. Many people feel more comfortable enlisting the help of an estate planning lawyer to help them decide what they want and need. Both are fairly quick and inexpensive. There are different types of financial POAs (limited, general, durable, tax purposes), talk to your legal expert about which type you need.
NOTE: the POA automatically ends at your death. If you want the same agent to handle your affairs after your death, you will need to name them as the executor on your Will.