There are a few important decisions you have to make when you are coming up with an estate plan. One of these is determining who is going to handle your financial matters when you are still alive but can’t make them on your own. This is a very important task, especially if there is a chance that you will recover from your incapacitation.
The person who you choose to handle your financial affairs for you must be someone who is responsible. This individual should be able to handle the transactions that are typical for your life. If you have a sizeable asset portfolio, the person should be familiar with what it takes to handle that.
You will have to give this person the durable financial power of attorney, which comes into effect if you can’t make decisions on your own. If you are able to make the decisions, you won’t have to worry about the power of attorney any longer.
Some of the things that the person with the powers of attorney will have to do include paying your bills, filing your taxes and collecting any benefits which you are due. There are other duties that will apply in some cases. The person might need to handle your investment portfolio or insurance matters.
As you are thinking about people who might be able to fit the bill for this job, you need to determine who will be able to abide by your wishes for everything. You don’t want someone who is out for his or her own agenda.
Source: FindLaw, “Durable Financial Power of Attorney,” accessed Feb. 01, 2018