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.


A power of attorney for property, also known as a financial power of attorney, is a legal document that grants someone the authority to manage your financial and property affairs on your behalf. Here are three important reasons why someone might need a power of attorney for property:

  1. Incapacity or Inability to Manage Finances: If you become incapacitated due to illness, disability, or any other reason that makes it difficult for you to handle your financial matters, a power of attorney for property can ensure that someone you trust is authorized to manage your assets, pay bills, handle investments, and make financial decisions on your behalf. This is particularly important to ensure the continuity of your financial affairs and to prevent any delays or complications.
  2. Convenience and Efficiency: Even if you are not incapacitated, there might be situations where you are unable to handle your financial affairs personally. This could be due to travel, health issues, or any other circumstances that prevent you from being physically present or available to manage your property. By appointing a power of attorney for property, you can delegate these responsibilities to a trusted individual who can act on your behalf, making financial transactions and decisions in a convenient and efficient manner.
  3. Expertise and Trust: Granting a power of attorney for property allows you to choose someone who has the necessary expertise and knowledge to manage your financial affairs. This person can be a family member, a close friend, or a professional, such as an attorney or accountant, who understands financial matters and can make informed decisions on your behalf. Having someone with expertise and your best interests at heart can provide you with peace of mind and ensure that your financial affairs are handled competently and responsibly.

It’s crucial to consult with a legal professional to draft a power of attorney document that aligns with your specific needs and complies with the laws and regulations in your jurisdiction. Additionally, choosing the right agent is paramount, as they will have considerable authority and responsibility over your financial matters.

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…

Contact attorney Bob Schaller to get started and discuss the many benefits of a power attorney as part of a complete estate plan.

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.

FREE consultation!  Start protecting yourself and your family with a complete estate plan. Call to schedule your appointment, request an appointment through the Contact Us page, or book an appointment with the convenient online booking system.