If you own property and have an income, securing a financial power of attorney may be in your best interests. However, drafting this document is particularly important if you fear that health problems may make it impossible for you to handle your own affairs later on in life. In addition to health concerns, there are three other situations when having this document in your possession is a good idea.
- If you are married – If you are married, you might think that your financial interests can be completely taken care of by your spouse. However, this is only true regarding some of the property that you own jointly. If you have any property that is owned solely by you, say a vehicle, your spouse may be limited on what kind of authority they have without a power of attorney.
- If you own joint tenancy property – If you become incapacitated and do not have a power of attorney, the other owners of this property will be very limited in what they are able to do with your share of the joint property.
- If you have a living trust – Although a power of attorney is not a complete substitute for a standard living trust, it may prove to be extremely helpful if you are ever unable to handle your financial affairs on your own.
If you are concerned about what would happen to your financial assets if you were to become ill or disabled and could no longer handle your affairs, contact a lawyer in your area to begin drafting a power of attorney.
Need to secure power of attorney in Asheville NC? Contact us at Leonard & Moore, PLLC. Our law firm has been in business since 1979, and we provide a variety of services to help you with your legal needs. Give us a call today.