-A financial power of attorney allows an individual to designate one or more other people to take care of financial matters in the event they are incapacitated due to injury or illness. We Help You Legal the San Luis Obispo legal document assisting service has prepared a list of reasons why a financial power of attorney is important.
Every adult with a bank account and bills to pay can benefit by having a financial power of attorney. Life happens; a serious accident or sudden illness can leave anyone of any age suddenly unable to make necessary financial decisions. A durable financial power of attorney helps make sure that someone trustworthy, called an agent, can manage financial matters in the event of incapacitation. Powers of attorney are often included with living trust packages, but can also be stand-alone documents. The San Luis Obispo service can assist with a living trust and all of the associated legal documentation.
Matters that can be handled by an agent designated in a financial power of attorney include:
- Paying bills, including the rent or house payment
- Keeping medical insurance payments current so medical coverage continues
- Paying other insurance payments
- Writing checks and making needed withdrawals or transfers from checking, savings and investment accounts
- Taking care of necessary home or other property repairs
- Collecting rent and other payments due
- Making child support or spousal support payments
- Notify creditors and negotiate temporary payment terms if needed
- Communicate with financial institutions concerning bank accounts, investment accounts and retirement accounts
- Communicate with an employer or business partners regarding job and business-related matters
In short, a financial power of attorney helps keep bills paid and the financial wheels turning while an individual is unable to take care of these matters. A durable financial power of attorney ends upon death and at that time the provisions of a will or trust take over. The San Luis Obispo service can assist with the living trust and will to make sure everything is in order when the power of attorney ends.
Another top reason for a durable power of attorney for finances is avoiding conservatorship or guardianship procedures. When someone becomes incapacitated without a financial power of attorney, family members can petition the court to appoint a conservator or guardian to manage the finances. Conservatorship proceedings can be expensive and are public records, shining light on private family matters.
In many cases, a spouse can pay some of the bills, but may not be able to take care of everything. For example, depending on how the names are listed on the title, a spouse may not be able to sell the home to raise needed finances. A spouse may not be able to take care of matters regarding property or other assets defined in a prenuptial agreement. The spouse may also be incapacitated.
A durable financial power of attorney authorizes one or more people as agent(s) to take care of financial matters on your behalf. Authorizing more than one agent is insurance that matters are taken care of even when one agent is unable to do so. Even though authorizing financial power of attorney form may seem relatively simple there may be circumstances, such as a sudden illness, that make timely assistance necessary.
A legal document assisting service, such as We Help You Legal can help make sure the HCPA and any related documents are completed accurately and on time. With offices conveniently located in Paso Robles and San Luis Obispo, document assisting services are only a phone call away.
We Help You legal is a “self-help” legal document assistance company that provides document preparation without the high cost of an attorney. We Help You Legal, Inc. is not a law firm. We cannot represent you in court, advise you about your legal rights or the law, or select forms for you.
We Help You Legal, Inc.
3594 Broad St #100
San Luis Obispo, CA 93401