Selecting your Financial Power of Attorney requires trust. Trust Rokisky Law to help you set this up properly.
Rokisky, McCune, Wilharm & Blair have been working with Ohio, West Virginia, and Pennslyvania families for years and understand the dynamics of estate planning. By understanding your options, you can create a strong plan that gives you the comfort of knowing your family will be taken care of. Our estate planning specialists help you decide how you would like to prepare your finances for the future. Our lawyers will work closely with you and help you establish your financial power of attorney.
What is a Financial Power of Attorney?
A DURABLE FINANCIAL POWER OF ATTORNEY appoints someone to assist you with financial issues during your lifetime. It is the most important estate planning document to have as it allows you to arrange your affairs through someone else should you become unable to communicate your wishes. Because of this, you can plan and organize your estate even in the event of severe illness, disability or incapacity. Also, it can eliminate the need for guardian and conservator court proceedings which can be expensive, time-consuming and embarrassing. The durable financial power of attorney is only effective during your lifetime.
Why do you need a Financial POA?
Powers of attorney are flexible documents, granting power over select tasks to a chosen individual. There are various types, but when referring to a financial power of attorney, you are giving someone full financial power. A Financial POA can interact as the person they represent and transact personal business as that individual.
If you have bills, finances, banking accounts, and responsibilities, you should have a Financial Power of Attorney. In the event that you are temporarily or permanently incapacitated, you will have someone assigned to handle your day-to-day finances. By setting this up early, you can avoid many legal problems in the future.
Common Power of Attorney Topics
Medical Power of Attorney
Medical Power of Attorney typically only gives powers for medical decisions. These documents tend to be flexible, but you often see Medical and Financial Power of Attorney in separate documents.
Durable Power of Attorney
If a power of attorney is durable, it remains valid and in effect even if you become incapacitated. If the power of attorney document does not say durable, it ends if you become incapacitated.
Who should you pick as your Financial POA
Selecting someone to be your financial power of attorney can be a stressful process. Be sure to give this power to someone you trust. Others characteristics can be:
- Attention to Detail
- Communication skills and ability to work with lawyers, accountants, and other financial parties
- Responsible and take duties seriously
- Business or Financial background (if possible)
Learn more about who you should select as your power of attorney.
Additional Help and Resources
Rokisky Law has been the Ohio Valley’s leader in Elder Law and we continue to provide the community with information through articles and videos.
Subscribe to our bi-weekly show “Senior Living Today” or watch it live on WTOV9 (Sundays 11:00 am).
You can also read more about Estate Planning and Elder Law on our Estate Planning Blog.