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An Overview of Power of Attorney

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You can give someone power of attorney (POA) to give that person the power to handle your legal and financial matters if you’re unable to handle them yourself − often due to health or mental issues.

 

You need to trust this person

Your POA has power over everything involving your finances. This includes paying bills, managing bank accounts, overseeing investments, signing contracts, and filing your taxes.

 

Who is a good person to pick?

Someone who’s good with money and paying bills on time, and has the ability to collaborate with attorneys, accountants, and other finance people is a plus. Most importantly, choose someone who won’t loot your savings account and disappear the moment you sneeze.

 

It comes in three flavors

A durable power of attorney goes into effect the moment the paperwork is signed and kicks in if you’re deemed mentally incompetent. A springing power of attorney is like a durable POA, but it kicks in − or “springs” into action − if you become seriously ill or injured. A limited power of attorney is used when you need someone to take care of a specific financial or legal task − and expires if the limited purpose of the power has been completed, when you die, or potentially when you become incapacitated.

 

How to create it

You can use an online legal service or work with a lawyer. It’s relatively fast and cheap online (usually between $15 and $50), but if you want a little more guidance and care, it may be smart to hire a qualified attorney.

 

Do you think naming a POA is an easy decision, or do you worry that you’ll choose the wrong person?

 

This article is provided by Everplans − a life and legacy planning company dedicated to transforming the way people get their families organized. For more information, visit: everplans.com

 

Neither Transamerica nor its agents or representatives may provide tax, investment, or legal advice.  Anyone to whom this material is promoted, marketed, or recommended should consult with and rely on their own independent tax and legal advisors and financial professional regarding their particular situation and the concepts presented herein.

 

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This material was prepared for general distribution.  It is being provided for informational purposes only and should not be viewed as an investment recommendation.  If you need advice regarding your particular investment needs, contact a financial professional.

Insurance products and services are offered or issued by Transamerica Life Insurance Company, Cedar Rapids, IA; Transamerica Financial Life Insurance Company, Harrison, NY (licensed in New York); Transamerica Advisors Life Insurance Company, Little Rock, AR; Transamerica Premier Life Insurance Company, Cedar Rapids, IA; and Transamerica Casualty Insurance Company, Columbus, OH. Variable products and mutual funds are underwritten and distributed by Transamerica Capital, Inc., or Transamerica Investors Securities Corporation, each a broker/dealer and member of FINRA. Securities and investment advisory services offered by Transamerica Financial Advisors, Inc., a broker/dealer, member of FINRA, SIPC and a Registered Investment Adviser. Investment advisory services focused on the unique needs of individual retirees, retirement plans and their participants offered by Transamerica Retirement Advisors, LLC, a Registered Investment Adviser. References to Transamerica on this site apply to an individual company or collectively to these and other Transamerica companies. This site may not yet be approved by the Departments of Insurance in all states at the time of publication. Transamerica companies are part of the Aegon Group. Copyright 2011 - 2017 Transamerica Corporation, 4333 Edgewood Road NE, Cedar Rapids, IA 52499 - All Rights Reserved. Transamerica does not sponsor, endorse or promote any products or services mentioned

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