Who Would Pay Your Bills If You Couldn't?

What would happen to your finances if an unexpected illness or injury left you unable to manage them?

Your bills would still need to be paid. Taxes, investments, and other financial responsibilities might still need attention.

But here's something you may not realize: Your family may not automatically have the legal authority to handle these matters for you.

A Power of Attorney Can Help

A Power of Attorney (POA) is a legal document that allows you to authorize someone you trust to handle certain financial or legal matters on your behalf.

According to Trust & Will, a POA can help your chosen representative:

• Manage finances: Pay bills, file taxes, and manage investments.
• Handle important matters: Address property and legal affairs on your behalf.
• Reduce potential delays: Help avoid the need for costly court intervention.

The authority granted depends on the document and applicable law. Without appropriate authorization, your family may need court approval to manage certain affairs.

Your Money Minute

Ask yourself:

“If I couldn't manage my finances tomorrow, who would handle them for me?”

If you're unsure, consider speaking with a qualified attorney about whether a Power of Attorney makes sense for your situation.

Planning ahead isn't just about what happens after you're gone. It's also about making things easier for the people you love if something unexpected happens.

Plan Today. Protect the People You Love.

Through October 31st, Downriver CU members can save 30% on the initial purchase of a Will or Trust-based estate plan with Trust & Will through October 31st.

Please Note: This article is for general educational purposes only and is not legal advice. Laws and individual circumstances vary. Consult a qualified attorney for guidance about your specific situation.