How much power should your “attorney-in-fact” have?
In reality, more than you probably think…
- Banking: accounts, lock boxes
- Retirement: deal with companies and retirement accounts
- Mail: open, respond (i.e. pay bills), PO boxes, mail drops
- Insurance: accept payments, make settlements
- Do you want them to be able to buy life insurance for you?
- Taxes: deal with the state and IRS
- Veterans Administration: deal with the VA
- Gifting: Usually only for Medicaid planning
The second thing to consider, is what are things I enjoy doing. Do like fishing? Hunting? Golf?
Be sure to tell your planning attorney these things so they can be put in the durable power of attorney.
from Protecting You And Your Family http://ift.tt/29VwRRa
from DeWitt Law Firm, PLLC
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