During the course of estate planning, you will likely come across various documents that you need. One of the documents that you should never skip out on is a power of attorney, specifically, a financial power of attorney.
According to the U.S. News, a financial power of attorney is a document that gives authority to someone to make financial decisions on your behalf if you become incapacitated.
Seek trustworthy people
The person you want in charge of your finances should be a person that you can trust. Many look to trusted family members or professionals who know their financial situation well. The person you choose should understand your wishes and make every effort to ensure that he or she follows your wishes. For instance, the person you choose will have access to your investments. You do not want someone who may waste your money or use your money for his or her purposes.
Consider financial experience
If you choose a family member or friend, look to someone with financial experience. Even if you trust someone, he or she may not be able to make intelligent decisions on your behalf. You can also choose a financial advisor or a professional who can make decisions on your behalf that benefit your overall wealth.
Having financial power of attorney as early as possible regardless of age is essential. You do not want anyone to be able to question the validity of your economic power of attorney by waiting until you have a diagnosis of any medical condition that could hinder you.
