A Power of Attorney is an Essential Piece of Your Retirement Planning
Nov 15, 2011 / By: Nicole Livingston, Estate Planning Attorney / Category: College Planning, Estate Planning, Long Term Care Planning, Retirement Planning, Singles
A Power of Attorney is a legal document that only works for you while you are alive. You name a person, usually a family member or friend, to step into your shoes to handle your financial or medical affairs when you are unable to do so yourself.
Did you realize that you can not automatically access your spouse’s IRA or TSP if they are incapacitated? You do not want to go to court to access these accounts. If you have to file a guardianship, it is five times more expensive and time consuming than creating a Power of Attorney. You have to report to the court how you are spending the money by filing an accounting with the court every year.
It is well worth your time to contact us and have an Attorney prepare a Power of Attorney for you. Everyone over 18 years old should have one.
SinclairProsser Law, LLC is a member of the American Academy of Estate Planning Attorneys.
