Who Pays Your Family’s Bills Should You Become Incapacitated?
Your family needs financial protection should you become incapacitated because of sickness or injury. Your spouse could be barred from accessing your individual bank account without a court order. What happens if you and your spouse are both incapacitated after a devastating vehicle collision? How would the mortgage or rent be paid? Who would make the car payment? How would your child afford the essentials of life if your money is “locked up” in your bank account and inaccessible? Who would pay for food, clothes, medicine, housing, childcare, etc.? It could cost $2,245 + and several weeks to get a court order granting somebody permission to act on your behalf.
A better strategy is creating a durable power of attorney for property to ensure someone you pre-selected is empowered to access your funds to pay your family’s needs, and to manage your finances when you are unable. No court authorization is required to grant your pre-selected “agent” permission to access your bank account should you become incapacitated. Instead, your agent could take immediate action to protect your child, and access the money needed to get the job done. No cost and no delay.
Advanced estate planning today can give you peace of mind – knowing that if something incapacitating were to happen to you, your financial obligations would be honored. The Schaller Law Firm can give you peace of mind by drafting a “power of attorney for property,” which provides for your pre-selected agent to make financial decisions for you. This is a key component of the Schaller Law Firm’s estate plan.
Choosing Your Financial Agent:
Advanced estate planning today can give you peace of mind – knowing that if something incapacitating were to happen to you, your family would be protected. The Schaller Law Firm can give you peace of mind by drafting a “power of attorney for property,” which provides for your pre-selected agent to manage your accumulated assets (bank and brokerage accounts, cars, house, insurance, education funds, etc.) on behalf of your child and family while you are incapacitated. Your assets can be properly managed and used to provide income, support, maintenance, and education for your child should something happen to you. This is a key component of the Schaller Law Firm’s estate planning.
By drafting your “power of attorney for property,” you get to designate an agent who you trust to manage your financial affairs while incapacitated. Typically, a spouse would be the first choice followed by a financially responsible family member or friend. Your agent can act on your behalf in any way you could act. No court action. No court expense. You can even change agents at any time by amending or revoking the power of attorney. This is one of the most essential tasks any parent should do, and you should have done it as soon as your child was born.
Understanding the Legal Process…
You select an “agent” who you believe is the best person to make financial decisions for you should you become incapacitated. You also select a “successor agent” to make the decisions should the agent be unwilling or unable to serve because of death, disability, etc.
The Schaller Law Firm drafts your power of attorney for property for you to sign and have notarized. Two witnesses should watch you sign the document and sign the document themselves.
You keep your power of attorney for property in a safe place, like a lockable metal box or drawer in your home, safe-deposit box, or other place you store valuable papers and jewelry. A copy should be given to your agent so the agent can take immediate action if necessary (especially if your incapacitation physically prevents you for accessing the original power of attorney). A copy can be retained by the Schaller Law Firm for safe keeping.
Celebrate! Sleep peacefully knowing you have provided legal protection for yourself and peace of mind for your family.
Complicated? You bet.
You should have an estate planning attorney on your side. Tap into Attorney Schaller’s 37+ years of legal experience. He wrote the book on client satisfaction.
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