Have you created a financial power of attorney document? If not, this may be something you should consider in the near future. For those who already have one of these in place, it is a good idea to review the document at least once a year to ensure that nothing has changed.
Tip: rather than attempt to create a financial power of attorney on your own, consult with an estate planning attorney who can walk you through the process and provide advice for somebody in your position.
In short, a financial power of attorney gives somebody the authority to handle your finances should you be unable to do so on your own. Some of these documents are simple, granting the power to do nothing more than manage a single transaction. On the other side of things, there is the comprehensive financial power of attorney that gives permission for somebody to manage all of your financial affairs if you are unable to do so.
Note: a financial power of attorney is also known as a durable power of attorney for finances.
Who will be your Agent?
When creating a financial power of attorney, the number one question to answer is based around who you will name as the agent or attorney in fact. This must be a person you can trust to manage your financial affairs.
Your agent will handle everything from basic tasks, such as reviewing bank statements, to more complex responsibilities, such as making decisions related to your investment and retirement accounts.
Many people think their agent has to be a financial expert or attorney, but nothing could be further from the truth. As long as you trust this person and they have enough knowledge to handle your finances, you should be in good hands.
Hire an Attorney
If you are confused about creating a financial power of attorney in Madison, Wisconsin or have questions, contact our Madison estate planning attorney to provide you with guidance. We can help you create the appropriate document, ensuring that your finances will be in good hands should you become incapacitated.
Final note: the process of creating a financial power of attorney is different in every state, so be sure to meet with a local estate planning attorney. Go to KH-LAW.net today to schedule your Free consultation.