Estate Planning – Power of Attorney

This article is a follow up to my last post dealing with named beneficiaries and the use of wills. Power of Attorney is a document that protects you from financial hardships in emergencies.

The Power of Attorney should be reviewed at least every five years. Make sure the individual you have designated is still available and able to step in if needed.

If you do not have a power of attorney, setup an appointment with an estate planning attorney to review your overall estate plan. It’s recommended you discuss wills, trusts, Power of Attorney and health care proxies.

Healthcare proxy allows you to designate someone else to make health and medical decisions on your behalf, while the power of attorney allows someone to make financial decisions.

The power of attorney may be durable or springing. Durable power is in force the moment it is signed, where the springing is triggered by an event.

Daniel Iuculano

Financial Planner