Previously, we have discussed Wills and Living Wills and Healthcare Power of Attorney, now Part C.
Financial Power of Attorney
What is it:
Similar to the Healthcare Power of Attorney, the Financial Power of Attorney outlines who you want to make your financial decisions on your behalf should you become incapacitated. If you do not have this, nobody will have the authority to pay your mortgage or your car bill or your credit card balance or utilities, etc., etc. So while you are unable to take care of your financial responsibilities, you should assign someone to sign checks and pay bills on your behalf.
When to get it:
It’s easiest to get at the same time as your will. Depending on your comfort of having your parents or spouse make all medical decisions for you, immediately.
Where to get it:
Online (www.legalzoom.com) is suitable for basic document. If you have specific requirements that require detailed documentation see an estate attorney.
How much:
Price should be included with a will done with an attorney or $150 online.
Last - Trust.
Financial Power of Attorney
What is it:
Similar to the Healthcare Power of Attorney, the Financial Power of Attorney outlines who you want to make your financial decisions on your behalf should you become incapacitated. If you do not have this, nobody will have the authority to pay your mortgage or your car bill or your credit card balance or utilities, etc., etc. So while you are unable to take care of your financial responsibilities, you should assign someone to sign checks and pay bills on your behalf.
When to get it:
It’s easiest to get at the same time as your will. Depending on your comfort of having your parents or spouse make all medical decisions for you, immediately.
Where to get it:
Online (www.legalzoom.com) is suitable for basic document. If you have specific requirements that require detailed documentation see an estate attorney.
How much:
Price should be included with a will done with an attorney or $150 online.
Last - Trust.
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