One of the biggest decisions you can make in regard to your future is to select a financial power of attorney. This can be a very overwhelming process for many and is something that requires a great deal of consideration and care.
It is vital that you can trust this person to make decisions as though they were you.
What responsibilities does a power of attorney have?
A financial power of attorney is a person that will make financial decisions on your behalf in the event that you become incapacitated. They will be able to make decisions about how your money is used or invested.
How to choose a power of attorney
You need to choose a person who you hold with a deep amount of trust, and that you think has a good judgment with money and finances. You should avoid choosing someone who may have bad feelings toward you or a member of your family.
The benefits of getting a power of attorney
Selecting a power of attorney is very important because it gives you peace of mind to ensure that you and your family will be financially protected in the event of you becoming incapacitated. It also means that they can handle things such as stocks. shares and other investments, can take care of your daily expenses and set up all the financial benefits that you are eligible to receive.
Choosing and registering your power of attorney must be done through a legal process for it to be official and valid. Make sure to look into the procedure and think carefully before taking action.
Source: Elder Care Link, “Understanding and selecting a financial power of attorney,” accessed Jan. 04, 2018