A financial power of attorney is a legal instrument that allows you to appoint a trusted person as your agent. Your agent will manage your financial affairs on your behalf if you become incapacitated. A financial power of attorney may also be used to grant someone immediate authority to act on your behalf — for example, if you will be traveling overseas or have decided to turn over the tasks of managing your bills for convenience. A financial power of attorney may be revoked or changed at any time.
Like a health care power of attorney, a financial power of attorney is a critical tool in any estate plan. With this tool in place, you and your loved ones can avoid lengthy conservatorship proceedings in which a judge would decide who could make financial decisions on your behalf.
Many people make the mistake of waiting too long to implement a power of attorney. It is never too soon to do so. On the contrary, it is critical to execute a financial and health care power of attorney while you have the legal capacity to do so. Even if you are healthy now, incapacity could spring on you unexpectedly from any number of causes such as a car accident resulting in a traumatic brain injury or coma. Incapacity could also occur over time such as with the development of Alzheimer's disease.
I can provide a thorough analysis of your options for taking control of the future through customized estate planning measures.
At Tolison & Williams, Attorneys at Law, LLC, I offer top-notch estate planning services at an affordable price. I can help you develop a comprehensive estate plan that will provide you with invaluable peace of mind. I take a holistic approach to the law, striving to ensure that my clients' needs are met through tailored planning.
Powers of attorney — both health care and financial — are flexible instruments. Like all aspects of your estate plan, they may need to be updated to reflect changes in your life. Thus, you can always update the document at a later time should your life circumstances or wishes change.
Please call 800-331-0745 to arrange a consultation with me, an estate planning lawyer. My office is in Brighton, Colorado.