Estate Plan Deep Dive: Power of Attorney

Published articleThis article was published on November 30, 2020. Legal, tax, financial and other details may have changed; check current sources before relying on them.

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Estate Plan Deep Dive: Power of Attorney

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Download file | Play in new window | Duration: 00:22:56 | Recorded on November 30, 2020

On this episode of The Savvy Parent Podcast, we’re covering the next topic in our series taking a deep dive into your estate plan: Power of Attorney. Lawyer Shannon McNulty shares with us about why this is one of the most critical documents parents need to have in place. Though we share important information, this is not a DIY type of document so we encourage you to use this information to help you be informed before you reach out to a lawyer who can help you properly execute the document.

The Power of Attorney is Big, Broad, and Powerful

Shannon shares what this important document covers and how much power it actually gives, which is quite a lot: you’re giving someone the ability to make legal and financial decisions for you in the event you become incapaciatated or aren’t available. Because of the power that you’re giving over, you want to choose the person wisely, but also make sure that the documentation is executed correctly.

Consider Who You Choose

Ideally your power of attorney is never needed, but this is a large role with a big impact on those in your family, so you need to consider who you choose. Often, it is the same person who will be the executor of your will, which in many cases will be your spouse. However, don’t assume that your spouse automatically has these abilities- you do need to officially appoint your spouse or partner as power of attorney and in some cases it may make sense to have a back up. It’s also a good idea to revisit your choice every few years to make sure they’re still the right fit.