Do You Need a Financial Power of Attorney in Chandler, AZ?

Wills and trusts ensure that your assets are handled correctly after you’re gone, but can estate planning help while you’re still alive? Financial powers of attorney are a type of estate planning tool that can benefit you during your life by ensuring your finances are managed correctly if you can no longer do so on your own.

Walk-In Wills can help you with this and other matters, regardless of the size or complexity of your estate. By establishing a financial power of attorney, you can rest easy knowing that your finances will be in good hands

Understanding Financial Powers of Attorney

A power of attorney imbues another person with authority over your finances. For instance, should you be incapacitated by a severe illness or injury, your personal representative or agent could handle your finances while you’re unable to. This can entail selling property, paying bills, and making other financial decisions.

Some people, typically senior citizens, will establish a power of attorney to get assistance with their finances. However, these documents are no longer relevant if that person becomes incapacitated. Conversely, a durable power of attorney remains active when a person is incapacitated.

How to Choose an Agent to Represent You

Establishing a financial power of attorney is crucial for your peace of mind, but selecting the right agent is equally so. That’s why our estate planning attorneys at Walk-In Wills recommend choosing a person with the following attributes:

Financial responsibility
Good organizational skills
The ability to make reasonable decisions
Keen attention to detail
A solid understanding of finances

When making your decision, consider how the person manages their own finances. Are they thoughtful when spending money? Or do they tend to spend frivolously?

Location is another factor to consider. Your agent may need to act quickly if you suddenly fall ill or experience a serious injury. Accordingly, it’s smart to choose a person who lives relatively nearby. However, the qualities of the candidate should supersede any concerns about location.

Frequently Asked Questions

1. What is a financial power of attorney and why might I need one?

A financial power of attorney is a legal document that lets you appoint another person to manage your money and financial affairs if you can’t do it yourself. This can include paying bills, selling property, or handling investments — especially if you’re seriously ill or otherwise unable to act.

2. When would a financial power of attorney actually be used?

It’s most helpful if you become incapacitated due to illness or injury. Instead of leaving your loved ones to navigate complex legal steps to control your finances, your appointed agent can step in immediately and take care of things you’ve entrusted to them.

3. How do I pick the right person to act as my agent?

Choosing someone responsible and trustworthy is key. Good candidates are usually organized, financially sensible, and able to make thoughtful decisions. Proximity can also matter, since they might need to act quickly if you’re suddenly unable to manage your affairs.

4. Does a financial power of attorney stay in effect if I become incapacitated?

Yes — durable financial powers of attorney are specifically designed to remain valid even if you become incapacitated and can’t make your own decisions. If you don’t make it durable, the authority can end when you’re no longer able to act.

Contact Our Firm Today for More Information

Since 2003, Walk-In Wills has helped people make the best decisions when it comes to serious estate planning matters. We proudly serve residents of Mesa, AZ, but we can also help clients in Apache Junction, Fountain Hills, and surrounding areas.