It is scary to think about not being able to manage your own finances. Having your money well managed and available to you when you need it is critical. If you are not able to manage your finances on your own then either:
- The person you have designated will manage your finances, or
- The court will appoint a Guardian.
A court appointed Guardian is not an ideal option because it is expensive and may end up being a person you would have not personally selected to manage your finances. Therefore, it is important to designate a person who can and will manage your personal finances when you cannot. This can be accomplished through executing a General Durable Power of Attorney for financial affairs.
A General Durable Power of Attorney is a legal document that designates the person you want to manage your financial affairs. This person is your Attorney-in-Fact and will be authorized to act on your behalf. Executing a General Durable Power of Attorney does not take away your authority to manage your own finances whether you are capable of making decisions or not.
Your Attorney-in-Fact will be able to manage your finances without the need for court intervention or Guardianship. He or she will be able to make deposits and withdrawals from your bank accounts, sell stocks, bonds, or other securities you own, transfer title to assets you own, sell or encumber any real estate or personal property you own. It is important that you designate an Attorney-in-Fact who you trust and is skilled with financial management. We encourage you to talk to the person you designate to ensure that he or she understands your wishes concerning your financial decisions.
Our firm can help you prepare a General Durable Power of Attorney for financial decisions. This will help you and your family avoid the need for a court-appointed Guardianship. It will also serve to protect your personal financial interests.
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Elder Law Group PLLC has been recognized as one of the fasted growing law firms in the U.S. as an Annual Law Firm 500 Award honoree. Contact us or call (509) 468-0551 (Spokane office), or (509) 579-0206 (Tri-Cities office), for personal, compassionate guidance in Estate Planning and Elder Law.