As one of the most valuable tools in the legal field, a power of attorney document can help with finances, especially when older adults are involved. It can help with managing specific financial transactions or with regular, everyday monetary affairs. The bottom line is that it becomes a simple and easy process that can be used to handle the finances of someone who’s incapacitated or having trouble doing it on their own.
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Elderly Family Members
Handling everyday monetary matters can be a daunting task, even for the most financially responsible individual. This is why a power of attorney document helps with making major financial decisions for those who aren’t able to. Does your mother have difficulty writing or seeing to the point that it hinders her ability to understand documents sent to her?
It’s in these situations where power of attorney becomes handy and can help older adults get some relief with handling their financial affairs. The document can give a family member or someone responsible the authority of making these financial decisions without taking away a person’s right to act on their own.
Even though many elderly or incapacitated persons can handle a financial matter on his/her own, they may be uncomfortable with making decisions on more complicated matters. This can include making insurance claims, selling a home, buying a vehicle or planning a trip.
Whatever the situation, a limited power of attorney should be considered. This clause gives one the authority to act on someone else’s behalf for a transaction, and once it’s been made, the clause ends.
The Traveling Family Member
If a family member spends much time traveling or away from home, power of attorney can definitely oversee financial matters in their absence. For example, if on vacation and a specific financial matter requires attention, a power of attorney – whether general or limited – can help.
Picking the right person as a figure of authority, such as an attorney or agent, to handle someone else’s finances is extremely important. For complex transactions, an agent is better suited since she or he may be more familiar with the matter. For handling temporary daily financial matters, consider someone trustworthy who has easy access to bank accounts, bills or paperwork needed to pay off debts.
Securing Your Copy
A power of attorney document should be kept in a safe location, such as an attorney’s office or home safe. Anyone named as an attorney-in-fact should own a certified copy and know the location of the original at all times.
Don’t Wait, We’re Here to Help
The last thing anyone wants to deal with is having a family member who is incapable of handling his or her own finances due to age or incapacitation. If you’re dealing with this type of situation, call or visit Barrera, Sanchez & Associates, P.C. today! We’ll do our best to help you or a loved one draft a power of attorney document to make handling financial matters easier.