What Someone with Durable Financial POA Can Do for You?
Money, money, and money is what it’s all about. At least, when it comes to what someone with financial Minnesota durable power of attorney can do for you. The bills, the benefits, and the mortgage don’t stop when you become incapacitated. Those still might need to be managed and paid for. The money will probably come out of your pocket or benefits, but you might not be the one who carries out the actual transaction.
For those unfamiliar with power of attorney law, it’s unlike some parts of estate planning in that it goes into effect before you pass. A lot of the concern falls to keeping everything going steady while you recover. Some things might even need to be adjusted so that you can resume your normal-to-you lifestyle.
Minnesota Durable Power of Attorney
Perhaps the central part of having durable power of attorney is serving as someone else’s protector. Just as medical power of attorney is for making health-related decisions, financial power of attorney exists to enable another party to make money-related decisions. While you may let the person you choose to have near limitless power for making financial choices, that doesn’t mean that they can do anything. Springing power of attorney, which can apply to both to medical and financial POA, only comes into place when you’re incapacitated enough to warrant help.
The best thing you might want to do, besides grating durable POA, is to inform the person you’re giving POA to, your agent, of how long it will last and when it will come into effect. They may not be aware that non-durable POA doesn’t last past incapacitation or that springing POA doesn’t start until you become incapacitated. It’s all in the timing and conditions.
Benefit Collection
Whether or not you have benefits can be the thing that makes or breaks your financial situation. So, because your agent is supposed to protect you, they might be the one who collects those benefits for you. If you can’t collect them, they might be the person to do it for you.
You may also want to discuss how much money that you can earn or keep without losing those benefits. Not everyone knows all the regulations that need to be followed and because someone might be managing your money, they’ve got to make sure they’re doing the right thing. Because they’re probably going to be dealing with a lot of money issues, they have to know their limits. You don’t want one of your trusted friends to wind up causing you trouble.
Real Estate
Taking care of your property might be another thing that your agent does for you. Your home is considered an asset after all. So, as long as everything is set in place for them, they should be able to help take care of it. That is, at least in the financial sense. That mortgage isn’t going to pay itself.
There is a bit of a side note to this. Certain states require paperwork before your agent can do any real estate negotiations for you. That should actually be something you might want to expect for almost any bank or other kind of group that your agent works with. The group might expect there to be some kind of notice. Otherwise, they might think that some stranger is trying to play with your assets. It’s wise to keep everyone updated of any changes.
Bill Pay
If a bill has to be paid, your agent might be able to make sure that it gets paid. Hypothetically speaking, this might turn out to be your agent’s primary role. Having someone keep the electric and gas going is perfectly fine. Your family might have to find ways to keep the lights on otherwise.
Letting your agent know of what bills you have and how you pay them is important. They might need to log into your accounts in order to see that those bills are silenced. What you don’t want to do is assume that they know how you do things. As far as you’re concerned, they could have most of their bills automated to come right out of their checking account or credit card.
Automating your bills is a fine option, but you may want to let them know that they need to be mindful of what cards and accounts will have charges placed on them.
Minnesota Durable Power of Attorney Lawyers
How someone with durable financial power of attorney can help you is a question that’s best answered by an expert. The party who might help you may want to sit down and talk to a POA lawyer from Flanders Law Firm LLC. Preparing for the best and for the worst can start now. The first step is a phone call to 612-424-0398. Flanders Law Firm LLC
Grab yourself a free quote and go from there. You can work on setting up medical POA and financial POA without having to stress out. They can also assist you with similar estate planning matters such as guardianships and conservator ships. All you have to do is ask
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