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What’s a Durable Power of Attorney?

Everplans Blogger

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Naming a power of attorney can allow you to make sure your financial and legal issues are tended to if something were to happen to you.

 

Simply put, a durable power of attorney (DPOA) goes into effect as soon as the paperwork is signed and expires when you die. That differs from a more limited power of attorney. As people get older, establishing a DPOA is common to help manage finances. By appointing a power of attorney when one is of sound mind, this person can handle paying bills, managing bank accounts, overseeing investments, and preparing and filing tax returns on your behalf.

 

Let’s say you don’t want to name a POA for whatever reason. If something happens to you, or you begin to mentally degrade and can’t make financial or legal decisions for yourself, a potential agent may be named your guardian or conservator by the court. This can be time-consuming and expensive, not to mention stressful. Plus, there’s a chance the court could name a person that you or your family members don’t want to serve as your guardian, and there’d be very little you can do to change that.

 

Does naming a POA make you feel nervous (this person will have complete access to your finances after all), or do you view it as the responsible thing to do?

 

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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