What two legal documents do you need?
July 28, 2021
How can you make sure that your business, your financial accounts, your bills are taken care of should you become incapacited for a period of time or for the rest of your life?
The two legal documents that you need are:
1. Durable Power of Attorney for Finances
2. Durable Power of Attorney for Health care
Now, all states are not the same so make sure that the forms are legal in your state.
Stop the fighting before it starts. And, you know that there will be fighting about who is taking care of what and how they are going to handle it. Choose someone who wants to be the durable power of attorney for health care and finances. It may not be the same person.
The reasons may be many for not choosing your spouse or another family member. They may not want to or even be able to be the power of attorney. Finances are just not their expertise. You can’t trust them to do what you want. They piss you off, or whatever the reason. It does not matter; it is your choice.
If you do not make a choice or you do not have these powers of attorney, then the courts will decide conservatorship for you. You do not get to have any input or a say and it will take a lot of time, money and stress. Your money. A conservatorship takes a lot of time and a lot more money than getting these taken care of by a lawyer. You can even use one of the prepaid legal plans for your will and durable powers of attorney, if you are concerned about the cost. I would like for you to consider this an investment in you, your wishes and needs to be handled and done as you want them to be handled and done.
Make your wishes known, fill out your living will and then get on with your life.
Check with your bank about what they need to have in place so someone else can-do banking on your behalf using your accounts. If a durable power of attorney is over three years old, some banks will not honor the power of attorney for fear that it may have been revoked or someone else is the current power of attorney. Also, if you have a safety deposit box, make sure you have two or more people on the signature card to access the box. If not, good luck with getting into that box. It will be locked down tighter than Fort Knox.
Pick one to three people that you trust and set them up as your powers of attorney. Ask them first, then make your wishes known. What gets written down gets done. Who is the best person or persons to make medical decisions for you? Who is the best person or persons to handle your finances and bills?
If you have had these in place for over 5 years, do you need to change them or update some information?