Appointing a Power of Attorney to Ensure Your Financial Future
When you divorce, you should prepare a new power of attorney for property. It’s especially important to have one if you have health problems that could escalate, leaving you incapacitated. Appointing a power of attorney for property will ensure that someone you trust is in charge of your financial matters if for some reason you are unable to manage them.
If something happens that makes it impossible for you to deposit money into your bank account, pay bills, file for disability insurance, handle insurance claims, manage investments or take care of other financial responsibilities, it’s a must that you have a power of attorney for property. The person you appoint will take care of all of these matters for you. Otherwise family members will have to go before the courts to have someone appointed to take care of your finances. This is expensive and the court proceedings can be an embarrassment. Court proceedings are a matter of public record.
Another reason for having a power of attorney for property is to prevent family members from disagreeing as to who should do fulfill this role if you are incapacitated. This can cause a rift within the family and the need for lawyers to settle the dispute. The costs of these lengthy battles fall back onto you and can decimate your financial security.
An appointed power of attorney is recognized as the person you wish to handle your financial affairs. It is a powerful legal document that, once signed, will give you peace of mind. Should you become incapacitated and unable to supervise your finances, things will be well taken care of.
If you already have an appointed power of attorney, your house is in order and you have no need for worry. If you haven’t yet appointed a power of attorney to look after your financial affairs, do so today. You never know what the future holds in store. By Mary M. Alward
Here’s a sample power of attorney for property for your convenience.