Saturday, September 5, 2009, PM | 8 Comments
Now that you have written out your will, the next important task is that you appoint someone with a power of attorney to act on your behalf in case you are incapacitated.
It typically authorizes someone to act on your behalf with respect to your financial affairs, and is often executed by one spouse for another.
There are several considerations to keep in mind when setting up a power of attorney:
Any competent adult can serve as your agent.
It can be general or limited and apply only to particular assets or accounts that you own.
It can take effect immediately or at the time if you’re incapacitated.
If you become incapacitated and unable to make informed decisions for yourself, a health care proxy authorizes someone to act on your behalf for your medical affairs.
In a Nutshell
Even the best plan isn’t effective if it doesn’t keep pace with your life. The best time may be tax time. Births and deaths obviously have a big impact. Find and talk to a good Financial Adviser.