Story Created:
Mar 17, 2008 at 11:24 AM CST
Story Updated:
Jan 24, 2009 at 9:41 AM CST
Financial Expert Aaron Maguire discusses the benefits of a durable power of attorney and why it might be a good document to have on hand.
Aaron what are the benefits of a durable power of attorney?
It’s a document that gives you the authority to act on the behalf of another: There are two common types. Healthcare POA – which allows you to assist someone with a variety of healthcare related issues and Financial POA – which allows you to assist someone with a variety of financial related issues
What are some examples when a Power of Attorney might be a good document to have?
If you have children that are over 18 and they are away in college, a POA would allow you to help them with banking related issues or perhaps allow you to talk to their doctor if they become ill. You might have older parents or a spouse that might need help with financial issues like writing checks or closing on a home. If they become sick you are much better able to assist them and act on their behalf.
Please see an attorney that focuses on estate planning. He or she will be able to help you determine if having a durable POA is the right thing for you and your family.If you have a durable POA or you decide to get one…make sure you have your attorney review the POA every few years just in case things change with your family or your state laws change.
For more financial related topics visit www.reliancewealth.com or if you have a question for Aaron, email him at aaron.maguire@reliancewealth.com.
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