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.

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

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

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

Finance Blogs