Another great article from Jennifer about Power of Attorney! Many of us have learned to become independent since the loss of our husband. We have been forced to find our way through raising children as a single parent, do the “man’s work” around the home, and navigate through our financial lives post-loss, to name merely a few challenges. It was excruciatingly hard at first. But many of us have found the road to independence rewarding as well—so much so that now we don’t even like to think about not being able to handle things ourselves. So what would happen to you, and your children, if you were suddenly unable to navigate through your own financial affairs? What if tragedy struck, once again, and you couldn’t think for yourself, pay your own bills, get to the post office, the bank, or access your online banking due to your own incapacity? If you haven’t formally designated someone to handle your financial affairs for you if you should become incapacitated, NOW is the time to do so. If you don’t designate someone to do so, the Court system will do it for you, and it may not turn out the way you’d hoped. A legal document in which you can nominate someone to handle your financial affairs if you’re alive, but unable to handle them for yourself, is called a Durable Power of Attorney. It is actually a very simple, straight-forward legal document that is relatively inexpensive to obtain. You simply name who you’d want to stand in your shoes, referred to as your Agent, preferably at least one alternate person as well, and the rest of the document consists of a list of powers your Agent would have in the event of your incapacity. The law says that each power must be explicitly listed and so it’s important to hire an attorney to make sure all your bases are covered. You need to make sure, for example, that your Agent has the power to deal with your bank accounts, real estate, retirement accounts, as well as handle tasks for you like picking up a certified letter and filing your income taxes. If you do not have a Durable Power of Attorney in place and you become incapacitated, your family will be forced to petition the probate court to have a Guardian and/or Conservator appointed for you. This is a very expensive, time-consuming, and very public option that is extremely stressful for all involved. What can you do now to ensure you and your family are protected? 1. Make a decision, right now, to get educated about estate planning. 2. Find an attorney near you who is willing to meet with you to discuss your options. Many attorneys will conduct a free consultation to talk about your needs and the cost of the various options. 3. Set a deadline for yourself—say 90 days—and put it on your calendar. Commit to yourself that you will have your Durable Power of Attorney done before that date. Embracing your independence after becoming a widow is a good thing. But don’t be so independent that you deny the possibility that one day you may not be able to handle everything for yourself. Take these simple steps now so you can have the peace of mind to know that someone you trust and designate will have the power to help you if and when you need it. You are much more equipped than any court to decide who that person should be!
Posted on: Sat, 25 Jan 2014 21:14:27 +0000
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