Financial Accounts Handled By A Financial Power of Attorney

It is important to thoroughly read through any power of attorney that you have created to name someone to act as your agent or that has named you as someone else’s agent.

This document should give some information as to what the named agent should anticipate, such as when the power of attorney becomes activated and whether or not the person who created it has specific wishes that they intend the named person to follow.

Shortly after stepping into action within a power of attorney role, the named agent will want to review the document creator’s assets and liabilities. This will give the agent a better sense of some of their primary responsibilities as a power of attorney agent. There are some items to keep in mind that typically fall under the role and responsibility of a financial power of attorney agent. These include:

  • Insurance bills
  • Brokerage accounts
  • Cable and internet bills
  • Tax bills
  • Bank accounts
  • Retirement accounts
  • Utility bills

If you know that someone intends to appoint you as a power of attorney agent, getting a sense of any recurring expenses and spending patterns of that person may make it easier to understand how they make decisions about finances if and when you become activated as power of attorney.

Did you know that we are currently offering virtual services to help you get your estate plan in order? Now is the time to get the peace of mind provided by a financial power of attorney. Contact our Michigan law office today to schedule your virtual meeting.

 

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