When you cannot control your financial life, make sure someone you trust will!
No one is immune from aging or the loss of mental clarity that may come with it. And you’re never immune to health crises that may leave you unable to handle the business of your life: paying bills, managing investments or making key financial decisions.
Granting someone you trust the power of attorney allows that person – known as your “agent" or “attorney in fact" – to manage your financial affairs if you are unable to do so.
Your agent is empowered to sign your name and is obligated to be your fiduciary – meaning they must act in your best financial interest at all times and in accordance with your wishes.
There are different kinds of powers of attorney, but in estate planning there are two essential types you should know:
Often that means your agent cannot act until he or she provides doctors’ letters and sometimes court orders to prove you are incapable of making decisions for yourself.
An attorney can help you decide which form makes the best sense for your circumstance. In any case, take care in choosing your agent. That person should be competent, trustworthy, willing to take on the burden of your affairs and financially secure.
If you choose a relative or friend as your agent, you probably won’t have to pay them. But if you name a bank, lawyer or other outside party, you will have to negotiate compensation, which can range from hourly fees to a percentage of your assets paid annually.
If you do become incapacitated without having assigned power of attorney, the court will step in to appoint a guardian. This process might cost your family well over $1,000, not including the cost of the guardian’s annual visits to court to report on your situation. Plus, the person chosen may not be someone you would have picked.
Julie is a terrific resource for legal matters from business formation to trusts, asset allocation, probate, and litigation. Her experience and pragmatic approach allows her clients to understand not only the end goal but the strategy and tactics required to achieve it. If you need to establish or update your trust or are stuck in probate, I recommend sitting down with Julie to go over your options.
I have worked with Julie and she is an absolute pleasure to deal with. I have sent her clients and she has taken care of them immediately every time. She is someone who will definitely fight for her clients and help get them every penny they deserve. Her specialty is estate law and her knowledge in the field shows when you speak to her. I would recommend using her services anytime you need assistance with your estate planning.
Julie is a Professional through and through. Her office and entire staff are welcoming, engaging and answer all the questions that you need and take care of legal tasks with efficiency! I highly recommend this office for your legal needs and wouldn't look anywhere else! I've had many interactions with them and feel well taken care of and all of my concerns were put to rest.
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