Newsletter Signup
SmartAboutMoney.org -- National Endowment for Financial Education
search      go

 

Powered by all-inclusive Minneapolis web hosting services providers of Chicago

Here are 200 great ways to make fast cash for your pocket book

He is a great list of original websites which you can gain access to site builders

Financial Tip

Compare car insurance prices on the Internet; if you find a better price, consider switching policies.

home › Life Events & Financial Decisions › Health and Family Support › Wills and Estates  › Powers of Attorney

Powers of Attorney

Print
 

Select a durable power of attorney carefully and be sure to use legal help with the paperwork. Think about the following:

  • Consider drafting a durable power of attorney. Without one, it may be necessary for your family to seek court appointment as a guardian or conservator if you become incapacitated. This appointment process is slow, invasive, and expensive and can be avoided with a durable power of attorney that names an “agent” to handle financial matters in the event of the principal’s incapacity.
  • If properly drafted, a durable power of attorney should eliminate the need for court proceedings to declare someone incapacitated and to appoint a surrogate to act on their behalf.
  • Select your agent carefully. There is always a potential for abuse when someone is given responsibility for someone else’s money; the person selected as an agent must be someone of honesty and integrity.
  • Consider selecting an equally trustworthy alternate agent in case the first choice is unable to serve.
  • Anyone considering granting a power of attorney should be as specific as possible about what powers are being granted (such as paying bills, cashing checks, buying and selling securities) and for how long.
  • Legal assistance is highly recommended. The importance of specific language and the danger of abuse make it very important that an attorney be consulted in preparing and executing a durable power of attorney.

Participate in discussions, find answers and connect with others.

Join SAM Community
 
previous    (5 of 5)    next
login