Preparing for the worst may seem like a grim task to undertake but in doing so, you may be protecting your estate, your family, and your legacy. By giving someone you trust a durable financial power of attorney, you can rest assured now, and in the future, that your estate and finances will be well taken care of. A durable financial power of attorney is essentially a right that you give to someone of your choosing to gain control over your entire financial situation when you are unable to control your finances yourself. In other words, if you get into an accident and can’t control your finances, your financial agent with a durable financial power of attorney can fill in your shoes and ensure your finances continue running smoothly.
What Finances Would My Financial Agent Control?
A financial agent with a durable financial power of attorney has a wide range of responsibilities and rights to operate on your behalf. The finances that your financial agent may control for you include but are not limited to:
- Paying off your bills, medical expenses, and taxes
- Controlling stocks and investing on your behalf
- Managing real estate properties
- Buying, selling, and transferring assets
- Running your business
- Purchasing insurance
- Collecting benefits such as retirement and insurance
With a financial agent helping you when you are unable to, your estate can continue running without a hitch. Our power of attorney lawyers can advise you on what you should look for in a person before assigning them with a durable financial power of attorney, as well as talk you through any other questions you may have.
When Does My Agent’s Durable Financial Power of Attorney End?
Durable financial powers of attorney are not permanent. Your agent cannot continue to manage all aspects of your financial affairs after you have passed away. As soon as you die, your powers of attorney go away. In other cases, if your appointed financial agent is your spouse, a divorce can also end a durable financial power of attorney. Make sure you stay on top of these powers as the circumstances in your life change.
What Can an Estate Planning Lawyer Do to Assist Me?
An estate planning lawyer can discuss all the options you have available to you. There are other powers of attorney that give your agent a wider range of control and there are others the limit them. We can assist you in setting up a power of attorney that best suits your preferences. Call Thomas-Walters, PLLC today at (919) 424-8277 to schedule a free consultation.