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The
General Power of Attorney is a document
that your advisors will probably suggest you have in your
estate plan. It allows the person you appoint
as your agent to do what ever you have authorized. Some typical
things that your agent can be asked to do are pay bills, handle
your property or investments, and file tax forms.
Even if you are happily married to a spouse you trust to
manage your affairs, a General Power of Attorney is important.
For instance, if you own
property or investments together it might be impossible for
your spouse to take necessary financial steps without your
authorization or a Power of Attorney. Banks and insurance
companies can be difficult to deal with without the proper
documents. It might even be necessary for your spouse to
go to court to get the authority to do things that need to be
done
if you haven't given the proper authorization ahead of time.
If you are a
caregiver
you should have a General Power of Attorney to best help your
loved one. It isn't enough to have everyone's name on the
bank account if you have to do other financial business - like possibly sell a house or a
car, or buy/sell investments.
A
General Power of
Attorney is a powerful document. It isn't a good idea to use
do-it-yourself forms when it involves your finances. Instead, consult with an attorney to be
sure that you have covered all of your bases thoroughly.
Follow
these links to learn more about the other basic legal and
financial documents you should have:
Last
Will & Testament,
Living Will,
and the
Power of Attorney for Health Care.
Your local Medicaid resources are listed
here.
More articles on this
subject:
What's The Difference Between Medicare & Medicaid?
Financial Planning For Eldercare
Long-Term Plans Aren't Wine, and They Don't Always Age Well
Planning For Assisted Living Costs
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