The Benefits of Financial Power of Attorney
One of the questions you’ll need to consider as you plan your estate is who you will name as your agent in a financial power of attorney. This person will have the authority to make certain financial transactions and decisions on your half should you become incapacitated.
There are a variety of benefits to granting someone financial power of attorney, including the following:
- You get to choose your agent: By making a financial power of attorney part of your estate plan, you get to choose who acts as your agent rather than having the courts do this for you should you become incapacitated. A failure to name an agent could result in a lot of messy arguments and unnecessary delays in such a circumstance.
- You can discuss your wishes with your agent: Granting power of attorney to someone gives you an easy, built-in opportunity to discuss your wishes with the person you name your agent, as well as with other family members, who should know who that agent is. It is important for everyone to be on the same page with regard to your financial preferences.
- It demonstrates intent on your part: If you draft a durable power of attorney document correctly and thoroughly, it will remove room for disagreement about your intent in specific circumstances, both in terms of whom you want to take control of your finances as well as with regard to what your preferences are in those situations.
- It protects your agent: By clearly delineating the powers your agent has and the wishes you have for your finances and assets, you can protect your chosen agent from potential claims of financial abuse.
For more information about the various benefits of drafting a financial power of attorney document as part of your estate plan, contact an experienced Tampa estate planning lawyer at BaumannKangas Estate Law.