Protecting your financial interests in case of incapacitation
One of the primary benefits of planning for the future is taking steps that will allow you to decide what will happen to your money and assets in the future. Through a will and other estate planning tools, you can have a measure of control over the distribution of assets and property after your passing. You can also implement strategies that will allow you to control what happens to your finances in case you cannot make certain decisions for yourself during your lifetime.
Through a durable financial power of attorney, you can name someone to make important financial decisions for you. This is an important document that should be a critical part of any complete estate plan for a Florida adult. If you do not have one of these as part of your overall estate planning strategy, you would be wise to consider drafting one as soon as possible.
Control in case of incapacitation
While there is no way to control what will happen in the future, there are things you can do that will allow you to exercise control over specific issues. A durable financial power of attorney allows you to decide what will happen regarding certain money-related decisions in the event you are unable to speak for yourself. In this document, you will appoint a specific person or party to act in your stead in matters pertaining to the following:
- Paying medical bills
- Paying taxes
- Accessing your financial accounts
- Investing on your behalf
- Managing your real estate assets
- Transferring and selling assets
- Hiring someone to represent you
- Operating your small business for you
- Purchasing insurance for you
The person or party acting as your agent will have the responsibility of making decisions that are in your best interests. Even though there are limits to what this person can do, it is still critical that your designation be someone you trust to act responsibly and prudently.
What’s in your estate plan?
If you have an estate plan, you may want to consider the benefits of including a durable financial power of attorney as part of your overall strategy. If you do not have an estate plan in place, you will benefit from creating a strategy that allows you to feel confident regarding what will happen to your assets and how you can provide for your heirs and beneficiaries.