Free Personal Finance & Budgetting Articles

Professional Authors - Professional Articles



Personal Finance Tips - How to Set Up a Financial Power of Attorney To Help Handle Your Affairs


If you have a good deal of money or assets it is probably a good idea that when you are planning your estate that you also consider setting up a financial power of attorney. What this is, is a document that will give another person the legal power or right to handle all of your financial affairs. To do this you don't even have to go to court. You just need to be of sound mind when you set up this type of an arrangement.

You being the principal in this document will then choose someone called the agent who will handle your affairs should there come a time in which for whatever reason, you can't. They can also be asked to handle your affairs if you are going to be gone and won't be able to take care of your affairs while you are away.

When you sit down to figure this out you are going to need to decide upon just how much authority that you are going to allow the agent to have. You may decide to give them general powers to handle all of it or you may just give him power to just take care of certain kinds of transactions like your stocks and bonds. They can even be asked to take care of financial issues while you are away on an extended vacation if need be.

You also need to figure out just how long you want their authority to last. It can be durable or it can be nondurable. A nondurable agent will lose their authority the minute you should become incapacitated in any way. So if you want to have them to continue on should you not be able to take care of things if you were incapacitated then you would want to make sure that you made them a durable agent.

You also need to figure out when the power of attorney will take effect. Understand that it will go into effect immediately as soon as the document is signed unless you set down a date in the document when it will take effect. Some documents with durable agents will not kick in until you might be declared incompetent or incapacitated by a doctor. You will also need to make sure there is a stipulation in the document that dictates when the power of attorney is ended, for instance you might stipulate that once a doctor says you are going to be OK and will be recovering, then the power of the agent will end.

Once you have your document written up you will need to have it signed by all parties involved and most states will require that you have the document notarized in front of two witnesses. If you don't want to do all of this yourself, you can always pay an attorney to write up your document for you.

When you decide to write up this kind of a document, the person that you pick needs to be someone you really believe that you know and trust well enough to honestly take care of your affairs for you whenever you might not be able to. Also remember that anything is possible so you might want to also name a second agent in case something should happen to the first one. Also make sure that if you would like to pay this person for performing their agent duties to state this in your document, otherwise they don't get paid for doing this.

Once you have your document written up and signed you should give a copy of it to your agent, a copy for yourself and you should also make sure that any agencies or businesses you do business with have copies as well and that would be banks, brokers, IRS or SSI.

Note: You can revoke your power of attorney at any time during your arrangement with them as long as you are mentally stable and you make sure that you send them a letter in writing stating you are going to revoke the document.



Comments
Barrett Furfey commented on 19-Nov-2016 04:54 AM
Doller Blog Artikel. Ich bin vollständig hingerissen von den Möglichkeiten. Ich freue mich auf vielmehr.


Post a Comment




Captcha Image






BLOG TAG CLOUD
payment plan right estate planning lawyer estate planning lawyer own business coupons secured loan money issues loan possibility income dream emergency spending budget local dealer owe money cash flow start investing voluntary computer printer family member personal bankruptcy assessor estimate finance tips planning interest rate personal finance tips pay bills financial affairs get rid of debt car lease birthday party financial crisis sticker shock improvement loan make a will car lot invitations personal finances saving money major financial issues spend less community property home improvement loan cash gross income afford a car research need maternity care law firm sticker price stop procrastinating unsecured loan debts qualified veteran enjoying miss payments gross pay handling problems buying a home W-4 forms major debt money conscious best credit store ads personal finance retirement years good credit veteran loan specials financial issues stock market repair credit top preparing dinner salvage groceries retirement fund car common estate planning payroll insurance estate planning present car chapter 7 financial basis household tips retirement planning certain stocks financial power true market value manager specials bad credit homemade food employees credit score car insurance finance tips medicare social security number wills debt management company power of attorney leasing company quick sale balloons stop paying party supplies getting a loan deductions meat specials secure finances payroll software package shop online self help enough money bankruptcy insurance company avoid personal bankruptcy health insurance net pay trade in value lease takeover car sites payment range reality car dealer quiet time medical history new car car payment legal power income tax grocery list debt settlement creditors mortgage payments attorney poor credit test drives grocery shopping property tax actual loan va loan possibility time management car payments new car smell reduce interest periodic payments banners financial agent overspending finance company personal finance resources finances structured settlement lower tax reduce tax dealership rebates compare prices half price get help home loan credit tight budget different models managing time credit policies estate planning errors fast paced home equity loan property value decorations discounted items party theme debt management getting health insurance car finance save money car loan



Copyright 2016 - Free Info Site Enterprises
Privacy Policy  |  Copyright Policy  |  Website Use Policy  |  Non Endorsement Policy  |  Contact Us  

Finance Blogs
Finance