Commented on a discussion 4/27/2009 at 5:05 pm
A financial power of attorney is a good idea for everyone because it gives your appointed agent the legal power to handle your financial obligations, like paying your rent or mortgage, insurance, deal
...Read MoreA financial power of attorney is a good idea for everyone because it gives your appointed agent the legal power to handle your financial obligations, like paying your rent or mortgage, insurance, dealing with creditors, etc., out of your own accounts should something happen to you that prohbits you from doing it yourself. That "something" could be, among other things, a medical crisis, an accident, or incompetency issues. For example, even your spouse would have difficulty accessing your IRA without a POA if those funds are needed. Make sure you understand what triggers your Power of Attorney to become active, appoint someone you trust, and make sure they know where their copy of that document is in case it is needed! Many states have blank copies of the state approved document available on -line -just print out and follow the directions to a tee. Remember, all POAs end at the death - then the executor takes over.