Issue 35.16
From your first steps to your golden years, you’ve worked your whole life to earn your independence. That’s why giving someone the authority to act in your name, trusting they have your best interest at heart can be difficult. But what happens if you don’t have a power-of-attorney in place and become unable to make your own financial or healthcare decisions? Usually the courts will get involved, and we all know how well our judicial processes serve our personal interests and how quickly they come to decisions.
What that means is, regardless of your age or retirement plans, it’s something you should be considering today. Here are some things you need to know about executing a power-of-attorney:
It’s Important to Spread the Responsibility
There are two important aspects to a power-of-attorney. The first is financial, the second is medical. Not only does separating the two prevent mistreatment of your finances or healthcare needs, it also helps your loved ones share accountability and work together. When the duty falls on one person, they can get overwhelmed. After all, your loved ones most likely have their own careers, families and personal matters to attend to as well as yours. If you split the duties between multiple parties, they can feel confident you’re being taken care of without adding too much stress to their own lives.
Your Loved Ones Can Help You with Your Everyday Money Matters
Even if you don’t find yourself too incompetent to make your own decisions, executing a general power of attorney for finances and medical can offer comfort by giving someone you trust the ability to assisting you in making important phone calls, writing checks, filling out paperwork, going to the bank, attending doctor appointments with you, or other daily tasks.
We Can Help
To review or discuss your options for power-of-attorney, please call us at (435)773-9444. Our team at Eric Scott Financial works closely with estate attorneys that can assist you with your questions and concerns.