There is no question that the coronavirus pandemic will have some sort of financial impact on each one of us in some way. Current news headlines are filled with important financial information. From the roller coaster ride of the stock market to the government’s stimulus packages, it can all be overwhelming. Now, more than ever, it is apparent how important financial decisions are in life.
From an estate planner’s point of view, this points to the importance of a FINANICAL POWER OF ATTORNEY. A Financial Power of Attorney, sometimes referred to as a Durable or General Power of Attorney, puts someone in place to make those important financial decisions if you are not able to. The person put in this position is called your Agent or Attorney-In-Fact. A well drafted Financial Power of Attorney will spell out which powers you give to your Agent. It will also express any limitations on your Agent’s powers.
Selecting the right Agent is crucial. You need to select someone you trust and someone that is competent to manage your assets. Just like with the Heath Care Power of Attorney named in the first issue of this series, back-ups are also important. No one can tell what the future holds, so it is always a good idea to plan for it as much as you can. Your first choice as Agent may not be able to serve due to circumstances in their own life.
Financial and Health Care Power of Attorneys are just two of the many tools that we can use to help your loved ones when you are still living, but unable to make decisions for yourself. As we wait out the virus, take some time during the social distancing to think about these issues and plan for the future. While they may not be the most fun topics to think about, your loved ones will be happy you did.
If you have any questions, please reach out to us via phone or email. We are continuing to work on a modified schedule but should always be available on the phone or email. Like all things, this too shall pass!