![]() ![]() You want that to be someone you trust and have chosen to take on the responsibility. In short, there are a variety of situations when you might have to rely on someone else to handle your finances for you. Or you might simply need someone to make a one-time financial transaction for you if you’re overseas and can’t access your accounts. ![]() You might need someone to manage your finances for you if you develop dementia. You might need someone to make financial decisions for you if an injury or other health emergency leaves you temporarily unable to make decisions on your own. The person you name in the financial POA document is called your agent or attorney-in-fact. What is a financial power of attorney?Ī financial power of attorney is a legal document that allows you to name someone to make financial and legal decisions for you if you can’t. Without that designation, you won’t have the legal right to make financial transactions for them. ![]() And it’s essential that your parents or loved ones name you as their power of attorney if you are a financial caregiver for them. You need a power of attorney if you want to have a say in who gets to make financial decisions for you if you can’t on your own. If so many Americans don’t have a power of attorney, is it even necessary? In a word: yes. The percentage among younger generations is likely even lower. Only one-third of adults 55 and older have a durable power of attorney, according to a survey by Merrill Lynch and Age Wave. Chances are, you don’t have a financial power of attorney. ![]()
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