A Power of Attorney is a document that allows one person to authorize another person or organization to act on that person’s behalf. For instance, a husband could sign a Power of Attorney which would allow his wife to take care of his financial affairs and other responsibilities in case he is unable or unwilling to take care of his affairs.
So, what happens if you do not have a Power of Attorney? If you do not have a Power of Attorney and you become physically or mentally disabled to the point that you cannot handle your affairs, then someone like your spouse will have to bring a lawsuit in Probate Court in order to have your spouse appointed as your conservator. Having to bring this type of legal action is lengthy and expensive. For instance, a proper Power of Attorney will only cost about $200 while a legal proceeding in Probate Court will cost thousands of dollars.
Do you need a Power of Attorney? Absolutely. We do not know what tomorrow will bring, but there is a good chance that at some point in our lives we will not be able to take care of ourselves. Unfortunately, we do not know when that time will come, but it will come. Good financial planning involves wise preparation. If you do not have a Power of Attorney, please call me at (864) 523-2032, and we can discuss in greater detail the benefits of having a Power of Attorney.