Imagine you or an elderly family member has a stroke. You’ll likely have an appointed proxy to make health-care decisions. What about the financial decision making?
Solution: A financial power of attorney (POA) lets you name an individual to act in your name and manage your financial affairs if you can’t. Without a POA, it can be difficult for your spouse, children and/or caregivers to withdraw money from your accounts, sell your home, manage your Medicare and Social Security benefits, and pay your bills. To gain that authority, they would have to go through expensive court probate procedures to become your conservator(s).
Bottom Line Personal spoke to our firm’s Michael Gilfix to find out how to properly craft a financial POA.