Institute For Financial Awareness’ Post

Power of Attorney: A Quick Guide A Power of Attorney (POA) is like giving someone else control of your money and decisions. Imagine getting sick and unable to handle your own affairs. A POA lets you choose someone you trust to take care of things like paying bills, selling your house, or making medical choices for you. Important things to know: - Choose wisely: Pick someone you really trust. - Clear limits: Decide exactly what you want your agent to be able to do. - Legal help: Talk to a lawyer to make sure it's done right. Still have questions? Feel free to ask me! Let's connect 240-454-6154 #EstatePlanning #EstatePan #FERS #FERSretirement #TSP #TSPplnanning

I think the most important message of this article is in the last paragraph. If you don't appoint a Power of Attorney yourself, the government and courts will appoint one for you. The positives of having a Power of Attorney can often be overlooked by people who don't understand the negatives of not having one. I recommend contacting your attorney to assist to make sure your POA is done correctly.

Really good article below on Power of Attorney. It’s a 4 minute read well worth it. Why set one up and how to, what are the different types and what are the benefits to you and your family. #wealthmanagement #powerofattorney #houseinorder

📝Do You Know What Being a Power of Attorney Means? A power of attorney (POA) is a legal document that lets someone manage your financial matters when you can't. Originally designed to appoint lawyers, it now allows your chosen agent to act on your behalf for various reasons. ✨ Discover why a power of attorney may not be what you think in our latest blog: https://bit.ly/3Y6JiDz While not everyone is comfortable with someone managing their finances, having a POA can be essential if you’re unable to do so due to age, illness, or travel. Protect your assets by designating someone you trust to step in when needed. At Trust Counsel, we’re here to help you create a personalized estate plan to protect your family’s legacy. 💙👨👩👧👦 #blog #estateplan #family #facts

Why Do You Need a Power of Attorney? Contrary to common belief, family members like your spouse or children do not inherently possess the authority to act on your behalf. Imagine a scenario involving an Individual Retirement Account—your spouse or children can't communicate with the company unless designated through a Power of Attorney. This rule applies to financial institutions, government agencies, and banks. In times of incapacity, a POA ensures a trusted entity can make crucial decisions about your medical care. Several types of power of attorney cater to distinct purposes: General Power of Attorney: Entrusts the agent with broad power to oversee your financial and personal matters. This could include handling bank transactions, paying bills, or managing investments. Limited Power of Attorney: This POA is tailored to a particular task, like facilitating the sale of a real estate property or representing the principal in a specific legal matter. Medical Power of Attorney: Empowers the agent to make health care decisions in your stead, especially when the principal is unable to communicate their wishes. Springing Power of Attorney: This POA becomes operative under specific conditions, often when the principal is incapacitated. It "springs" into action based on the criteria set in the document. Don't leave it to chance; understand the necessity of a legally binding document with professional guidance from the team at Parker Law Firm. https://buff.ly/3vrWI0W #powerofattorney #estateadministration #trusts

⭐𝗛𝗼𝘄 𝗶𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁 𝗶𝘀 𝗶𝘁 𝘁𝗼 𝘀𝘁𝗮𝗿𝘁 𝘁𝗵𝗲 𝗲𝘀𝘁𝗮𝘁𝗲 𝗽𝗹𝗮𝗻𝗻𝗶𝗻𝗴 𝗰𝗼𝗻𝘃𝗲𝗿𝘀𝗮𝘁𝗶𝗼𝗻? ⭐ Here is what your peers and colleagues had to say after Valerie spoke at a recent pre-retirement conference: 🔸The reality of legal issues is too important! Thank you for helping us think real. 🔸Incredible wealth of information of preparation for legal matters. 🔸Helpful information for planning. Showed where we still need to plan over what we have already planned. 𝗜𝘁'𝘀 𝗻𝗲𝘃𝗲𝗿 𝘁𝗼𝗼 𝗲𝗮𝗿𝗹𝘆 to start protection planning for yourself and your family. We recommend starting at least with basic 𝗶𝗻𝗰𝗮𝗽𝗮𝗰𝗶𝘁𝘆 𝗱𝗼𝗰𝘂𝗺𝗲𝗻𝘁𝘀 as soon as you turn 𝟭𝟴. Schedule your free consultation today at https://lnkd.in/eZSJfBia. #ZammittiLaw #EstatePlanning #FamilyFirst #FreeConsultation #WarwickValleyChamber #wills #probate #attorney #lawyer #financialplanning #estateplanningattorney #powerofattorney #estateplan #elderlaw #lifeinsurance #assetprotection #guardianship #trust #livingwill #financialfreedom #legal #family #FreeConsultation #estateplanninglawyer #money #livingtrust #lawfirm #personalfinance

You think you’ve set up your Power of Attorney & all will be ok but as this story explains often that’s not the case. And this is because many people have their money spread around including holding shares & this can become a nightmare when an Attorney takes over looking after your affairs. At our practice we handle all of your SJP holdings for you once we receive a copy of the LPA so you don’t have to worry. But for everything else as a Later Life specialist I always urge my clients to simplify things as they get older. Shares can be very troublesome & risky & having too many accounts spread across lots of places might be ok when you are younger but having it all in one or two places can be so much less stressful for you and your Attorneys. I help clients consolidate their assets so their investments are all with us with the right sort of risk & tax advantages, their cash savings with our partner Flagstone & they might then just have some Premium Bonds & a current account. So only 3 companies to deal with which makes life so much easier. Please do consider this as you or a relative gets older as a little planning in advance can save an awful lot of stress later. #laterlifefinances #sollaadviser #charteredfinancialplanner #powerofattorney

Who will manage your finances if you can't? Powers of attorney are an essential part of your estate plan. The post Do you Have a Power of Attorney? The Wealthy Barber and his Daughter Discuss Why Everyone Needs One appeared first on Discover & Learn.

A power of attorney is key in any estate plan. This article will help you understand the different options so you can ensure your wishes are carried out properly. https://loom.ly/dzM5Rr8

Why is it so important to arrange a power of attorney Who'll look after your affairs if you can no longer be yourself? Suppose you cannot make decisions about managing your money, property or medical care. In that case, you can appoint someone you trust to look after your affairs with a power of attorney. More often than we'd like, we hear about clients who are caught in a crisis but still need to arrange a power of attorney. Unfortunately, there's nothing anyone can do to help other than guide them towards the Court of Protection and the painful process of applying for deputyship. Adding to the nightmare that everyone is already going through. We urge all our clients to put both powers of attorney in place. It's a simple step that could make a world of difference to you and your family. We can help you arrange power of attorney, so please contact us. #financialsecurity #financialplanning #wealthpreservation #longtermcare