The Power of Attorney is a legal arrangement that helps you turn over the management of your finances or business affairs should you become incapacitated.
Keeping your estate planning documents up to date is essential in the event something happens to you and you are unable to make the decisions regarding your finances. Having an up to date Power of Attorney is very important especially when you consider who will control my finances.
A few things to consider are:
- Set it up early before you become incapacitated.
- Keep it current. Renew and update your agreement regularly.
- Build in controls such as multiple children signing off.
- Prepare separate documents for each state you spend time.
- Set up a fallback trust to kick in.
- Check with your financial firm.
- Keep it under lock and key.
- Restrict the power.
- Plan for gifts.
- Cover your IRA.
We recommend that you consult your attorney for help with this vital decision. If we can assist in any way, please do not hesitate to contact us.