It is a solid plan for any person to consider a financial power of attorney. This is especially true for individuals who have concerns that their health may derail them from being able to plan or manage effectively in the future.
One of the biggest benefits of having a financial power of attorney is that you have confidence and peace of mind that another person is there to manage your finances if you are for some reason unable to do so. Even when you are suffering a health setback, there are management activities that still need to be handled, such as paying bills, depositing money, or even ensuring that benefits and insurance paperwork are in line. When you’re going through a health issue, it can be overwhelming, or even impossible, to handle tasks like these. This is where a financial power of attorney not only makes sense but can be critical for you.
If you don’t take the steps necessary to create a financial power of attorney, the process of identifying someone for this role must be determined by a judge. The legal proceedings for this can be confusing and expensive and they can also introduce delays to your financial management while your family members wait to hear who has been appointed in this role. If various family members feel they should take on this role and they argue over it, this could introduce further conflict into an already-sensitive situation.
Many people avoid getting a financial power of attorney because they assume their spouse can handle things. While this is true to an extent, it does not mean that your spouse is entitled to make any and all financial decisions for you. Outlining the authority for your spouse can make things much easier should he or she have to step in to manage your affairs on short notice.
Simply put, while a financial power of attorney may be a document you hope you never need, it could become extremely valuable for your family members if something does happen to you. It eliminates cause for confusion and allows the appointed individual to step into action as soon as possible. This gives the appointed person the authority to make the necessary decisions to support what you need at the time. Hire an Arizona estate planning attorney who can help you put together your financial power of attorney sooner rather than later.
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice regarding Do You Need a Financial Power of Attorney?, or any other estate planning matters, please feel free to contact Stephen L. West at 480.461.5341,or Curtis M. Chipman at 480.461.5329. You can also log on to udallshumway.com, or contact an attorney in your area. Udall Shumway PLC is located in Mesa, Arizona and is a full service law firm. We assist Individuals, families, businesses, schools and municipalities in Mesa and the Phoenix/East Valley.