Many people think about things like who will get their assets when they consider making an estate plan. While that’s an important part of what you need to do, you can’t forget about making the plans for taking care of your affairs if you’re not able to make decisions for yourself.
One thing that you need to do is to get the documentation in order so someone you choose can pay your bills and make other financial decisions for you. This is done by establishing a financial power of attorney.
Who should be named in the financial power of attorney document?
There are a few attributes that you need to consider when you’re trying to decide who will take care of your affairs. The person should be financially savvy and able to make decisions that are in your best interests.
Whoever you name will be able to do all things you could do with your finances. They can access your checking and savings accounts. They’re able to buy and sell assets, as well as make decisions about investments.
The duties of the financial power of attorney are present while you’re incapacitated. If you pass away, those duties transfer over to the person who you have named to administer your estate. In some cases, that might be the same person as the power of attorney.
You must ensure that you have a comprehensive estate plan in place. This means that your affairs are taken care of when you pass away, but you also need things in order just in case you become incapacitated. Working with a professional who’s familiar with the estate planning laws in Virginia will be of great benefit to you.