Managing Your Finances When You Can’t Do It Yourself
In your daily life, you are responsible for keeping all your finances in order. You must make sure to pay bills, invest and spend money on things you need. Many people take this simple responsibility for granted, assuming they always will be capable of handling their financial affairs.
The reality is, at some point in many people’s lives, they have health problems that prevent them from being able to take care of their finances. Financial powers of attorney, also known as durable powers of attorney, allow you to give someone else the ability to make financial decisions and take action in legal and financial matters on your behalf.
Responsibilities of Financial Powers of Attorney
Financial powers of attorney are one of the most important estate planning documents you can have, and they should be given to the most trusted person in your life. Financial powers of attorney enable a person to:
- Manage the finances of the incapacitated person
- Pay the bills
- Act on legal matters on behalf of the incapacitated person
- Give away assets for financial reasons, including money, property and business items
Because the person given the power of attorney receives so much authority, it is important to make this decision when you are healthy and fully competent.
Contact the Law Office of David Lacher
An experienced lawyer can help you determine whom to appoint as your agent and how much authority to grant to that individual. Contact the firm online or call 914.355.5900 to schedule an appointment.