5 Tips for choosing the right power of attorney. What would happen to you if you were badly hurt in an accident? What if you couldn’t make financial decisions for yourself as you lay comatose in a hospital bed? Would your mortgage be paid? Would your credit score be ruined by your unpaid bills? Would all of your insurance policies be kept up to date? Would you wake up to find that your financial future and security had been ruined?
A Power of Attorney Can Help Avoid These Problems If You Choose Wisely
California law allows you to name a power of attorney. To do this, you will need to create and execute a durable power of attorney document. A durable power of attorney gives the person that you name the authority to act on your behalf if you are alive, but unable to act on your own.
Your power of attorney will have access to all of your financial accounts and will be in charge of making financial decisions for you. Accordingly, it is important to think carefully about who are going to appoint and to consider whether the person whom you are naming is:
- Trustworthy. You are granting this person access to all of your financial accounts.
- Dependable. Your financial future is at stake.
- Local. This may make it easier to access accounts and make sure that everything is taken care of properly.
- Discreet. You don’t want information about your finances shared with those who don’t need to know about your financial situation.
- Willing to speak up. The job of a power of attorney isn’t always easy, but it is important.
5 Tips for choosing the right power of attorney. Before you create a power of attorney document, it is important to talk to the person whom you want to name as your power of attorney. Make sure that that person understands his or her responsibilities and is willing to do the job that needs to be done. Then, contact us via this website to schedule a meeting about creating a durable power of attorney so that you can be sure that your interests will be protected.