Financial Power of Attorney Lawyer
Because we work so hard to create and maintain our financial well-being and independence, we often have a hard time agreeing to give up our control over our finances. It’s an understandable concern, and one with which many individuals struggle. In general, it is a good idea to maintain control over your own finances as much as possible. In certain situations, however, it is important to recognize the benefit in letting someone else take over. When that happens, you might be interested in creating a financial power of attorney in order to ensure that the individual in question has legal access to your various accounts and is legally able to make decisions on your behalf.
What is financial power of attorney?
You might have heard the term “power of attorney” used in situations that involve someone making medical decisions for someone who is unable to make them on their own. A financial power of attorney, then, is quite similar. If you become unable to care for your own finances for some reason, be it illness or injury, you can speak with an experienced lawyer about putting a financial power of attorney in place to grant someone else the ability to do so. Once the financial power of attorney has been completed and goes into effect, the individual that you name will be able to do things like:
- Pay your bills.
- Make deposits to your bank account.
- Make withdrawals from your bank account.
- Watch your investments.
- Collect government benefits on your behalf.
- Collect insurance benefits on your behalf.
Without going through the process to create a financial power of attorney, your loved ones could find themselves in a hard situation should you pass. They might not have any access to your finances whatsoever until they go to court to secure it, for example, which could add a layer of worry and frustration on top of the wide array of emotions they might already be experiencing. It is a good idea to speak to an experienced attorney to get a better idea about the benefits of giving someone financial power of attorney.
Who should I name, and when does the power of attorney become active?
You are responsible for naming someone to be your attorney-in-fact, otherwise known as the individual to whom you are granting financial power of attorney. Despite the name, it should be noted that the person you pick does not need to be a lawyer. They should be dependable and sensible, however, and you should pick someone you trust to handle your finances responsibly.
Your financial power of attorney can go into effect just as soon as you sign it, however you need to make sure you specify that it should be “durable” in nature. This means that should you become incapacitated, the power of attorney remains in effect. If you do not do this, it ends when you become unable to make your own decisions/incapacitated.
Alabama Financial Power of Attorney Law
For an experienced lawyer with a full understanding of financial power of attorney law in Alabama, Sara Doty is a great choice. For more information about how she can help, contact her today for more information! Call us for an initial consultation at 256-519-9970.