Tools for Protecting What’s Yours – POAs

There are many ways that you could end up unavailable to make crucial financial or health care choices for yourself or your family. If at that time you have not documented your wishes it can add stress to the situation, and you might not experience the outcome you had in mind.

Often a source of confusion when protecting what is yours is the legal logistics and when they apply during your lifetime or after you pass.

Here are three tools to protect what’s yours during your lifetime:

  1.  A financial power of attorney
  2.  Trusted contact person
  3.  A healthcare advance directive

In today’s post we are going to cover the financial power of attorney.

A FINANCIAL POWER OF ATTORNEY

A financial power of attorney (POA) is a legal document authorizing someone (your “agent”) to make financial decisions on your behalf. This agent owes you a fiduciary level of care, which means any decisions they make for you must be based on what they believe to be in your best financial interests.

A POA applies while you are alive, but unavailable to act for yourself. You can structure it to:

During these circumstances a financial POA can be helpful:

Additionally…

Establishing a POA can be a crucial tool when protecting what’s yours. We hope that this information provides you with some clarity as you plan. We can help put you in touch with select professionals to assist with legal aspects – or we ourselves can help you sort through the logistics involved. With offices in Rutland and Williston, Vermont Copper Leaf Financial develops a customized wealth management plan designed to integrate every aspect of your financial life. Our approach is to provide clarity and calm amidst the chaos. Where there is uncertainty, we look for facts. We call our approach evidence-based investing. Call us today at 802-878-2731 to schedule a strategy session and begin building your road map to financial success. You can also email us at info@copperleaffinancial.com or visit our website.