A Financial Power of Attorney allows your agent to pay bills, make bank deposits, or collect insurance benefits. Without a power of attorney, you risk probate court assigning a conservator on your behalf. A Durable Power of Attorney for Healthcare will allow your agent, the person you select, to step in when major medical decisions need to be made and you may not be able to make them. A POA gives a trusted person who you select the ability to make decisions on your behalf if you can not. You will likely need multiple power of attorney documents to cover all of the possibilities. Power of Attorney: There are many reasons you might need a power of attorney (POA) and each reason functions with its purpose.If you do not name someone capable of these tasks, the court may decide for you. Set up Guardianship for Dependants: If you have children or pets you will need to decide who will have legal guardianship over them and who will manage their inheritance and assets until they become old enough to take it over.This can include your recent tax returns, investment statements, healthcare power of attorney, durable financial power of attorney, insurance policies, and your last will and testament naming your beneficiaries and executor. When you finish that task, move on to something a little more challenging like gathering documents that already exist. One thing people don’t consider is that if they die it will be very difficult for their executor, beneficiaries, or loved ones to access places where they might be storing important documents-like email, cloud files, or dropbox. Gather Your Documents: If the thought of gathering and filing a bunch of paperwork feels stressful, start with this task:every time you access an account write down your username, password, and your security questions and answers down on a piece of paper.Otherwise, the state might have other benchmarks that need to be met before the will is considered valid. In most cases, your will needs to be signed by you, and two witnesses and must be notarized. This is where you will spell out your last will and testament-your final wishes. You will also name an executor to carry out your will. Create a Will: If you completed step one, congratulations! You will list those assets in your will and name the beneficiaries who will inherit those assets.Digital assets can include digital investments, crypto wallets, digital files, photo galleries, and videos.Monetary assets can include checking and savings accounts, health savings accounts, retirement accounts, mutual funds, and life insurance policies.Physical assets can include homes, property, cars, boats, recreational vehicles, family heirlooms, collections, and belongings.There are many categories of assets so take time in each category and write down everything you can think of, even if it doesn’t seem like it has much value. Don’t forget to consider the following: ![]()
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