It might take a few months and a few thousand dollars in legal fees, and also the court might not pick the spouse to fill that role.īut if the well spouse were agent for the other and had a properly signed and notarized document to prove it, that person could record it with the county and sign the closing documents for both of them, depending on the requirements of the state. If, for instance, the couple wanted to sell their jointly owned 2-story home in order to purchase one without stairs, they would need a court proceeding to be appointed as guardian or conservator over the sick one in order to sell. The other spouse cannot simply take over every financial responsibility. Here's how it typically works: Say one member of a couple were to have a stroke and become unable to handle financial matters or sign paperwork. Here are some things to consider.Ī general power of attorney designates you as the "principal" and you appoint an agent (known as your "attorney-in-fact") who could be granted the authority during your lifetime to make and carry out financial decisions you are unable to yourself. Setting up a power of attorney, however, is one of the most important steps to take and one of the easier ones. ![]() And at the end of the day, nobody really wants to think about getting sick or dying. There are myriad approaches, from writing out a simple will to creating a complex trust. Thinking about advanced planning can, indeed, be overwhelming. The biggest reason cited for not acting: They just haven't gotten around to it. A study by in 2023 found that only 34% of adults have any type of estate planning document.* ![]() However, setting up any kind of estate planning is a step that most skip because it's too daunting. Without an agent, it is likely that a court proceeding will be necessary in order to have a guardian or conservator appointed over your property. The requirements for a valid power of attorney vary by state.įor medical decisions, you can set up a health care proxy, but for financial matters, if you become incapacitated and are unable to manage your own money, your agent (the person granted power of attorney) can do things like access your bank accounts and pay your bills. POA authority ends when the person granting authority revokes authority or dies. A power of attorney (POA) is a document granting authority to another person to make certain decisions on a person's behalf.
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