Financial Powers of Attorney
Having someone you appointed to handle your personal finances in the event of your incapacity helps to ensure that your financial well-being continues to be maintained and looked after under such circumstances. Powers of attorney can grant broad authority or be very limited in scope, depending on your wishes and individual needs. Generally, financial powers of attorney address the following two main areas of concern:
- Financial Management. If you were to become incapacitated, bills and taxes will continue to become due and payable, and your assets, including your home and financial assets (such as bank accounts, investment accounts, stocks, bonds, etc.), will continue to require maintenance and oversight. Delegating to a loved one the authority to manage your finances and handle all of these responsibilities on your behalf in such an event helps to ensure that these matters continue to be addressed and looked after in your best interests. Elderly adults who are forgetful or susceptible to falling victim to unscrupulous scam artists can also benefit from a loved one overseeing their finances and, in particular, bank accounts.
- Representation for Business and Legal Matters. Closely-held business owners and individuals involved in litigation are constantly faced with numerous important decisions that must be made. These decisions can have extremely serious consequences. By appointing a trusted, capable and well-informed individual to step in and make those decisions on your behalf in the event of incapacity, you are putting in place a prudent contingency plan to help ensure that your business and legal affairs will continue to proceed as seamlessly as possible and without undue, potentially harmful delay.
Sensitivity with Reluctant Seniors
It can be difficult to talk to a senior loved one about the need for a power of attorney. Many are very prideful and proud of their ability to look after their own affairs, and therefore reluctant to admit they may need assistance, especially from their children. In particular, many seniors are uncomfortable even considering a reversal of roles with their children that puts them under their children’s authority. This is a very sensitive dynamic, and one that Ray assists his clients with in a kind, supportive, empathetic manner, taking the time to clearly explain the practical and important benefits that arise from delegating financial authority and responsibility to a trusted loved one.