Financial Power of Attorney - Durable POA for Finances
A financial power of attorney handles your important financial matters if you become incapacitated. In the latter stages of life, Alzheimer's disease, stroke, cancer and heart disease affect a higher percentage. If you cannot handle your financial dealings and have not appointed anyone, a court will.
Should something happen to you and you failed to fill out legal power of attorney forms, a judge decides who gets control of your bank accounts and property. The person the judge selects may not be someone you would have ever chosen. Only a power of attorney provides peace of mind that your holdings are dealt with as you would wish.
Duties of a Legal Power of Attorney
A financial power of attorney form is good to have on hand to protect your assets if you go out of town for an extended period or if you become incapacitated. Always make sure you use a durable power of attorney for finances to protect yourself in case of mental or physical illness that leaves you unable to speak for yourself.
Why You Need a Financial Power of Attorney
Say you arrive at work to find your boss needs you to travel to Spain for a three-week business trip. During that time, you are closing on the mortgage of your new home. A financial power of attorney authorizes someone to act as your agent for the mortgage closing. Often, spouses or couples sign power of attorney privileges over to their loved one as a matter of protection of finances should something happen.
A springing power of attorney provides the same peace of mind, but only if you become incapacitated due to a mental or physical health issue. If that day arrives, the financial power of attorney agent steps in and takes control of the originator's financial matters. Issues like Alzheimer's disease, dementia, stroke and heart attack are reasons why people should have a durable financial power of attorney.
Things Financial Power of Attorneys Handles
A financial power of attorney agent is set to handle anything that is related to finances. This could be as simple as paying your bills while you are out of state or as complex as helping sell your home in one state when you've moved to another. In many cases, a financial power of attorney agent eliminates the need for you to travel back and forth wasting your time and money.
Durable power of attorney for finances ensures your bills are paid and loans are signed after you've been hospitalized for an extended period of time. A good example of this would be if you were hospitalized after a car accident. A month passes and you are still in the hospital and unable to pay your bills. Someone holding power of attorney could step in and handle this for you.
Business partners always have financial power of attorney forms on file to prevent business collapse if the CEO has health issues or goes on an extended trip. In this case, the power of attorney might pay workers, make important business decisions regarding finances.
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