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Nobody likes to consider the idea that if an accident were to happen, what would become of all their personal affairs. I was recently involved in a car accident, and although no one was injured(thank goodness), my vehicle was declared a total loss. )-;
This caused me to think about what would have been if I were to have been injured or even incapacitated. Who would pay my rent, car and credit card payments? How would that work if I were incapacitated or otherwise unable to make sure my affairs were dealt with? Financial Institutions, such as banks and credit unions, won’t allow any transactions on your behalf without you present right?
Fortunately there is a way to prevent an accident from becoming a total calamity and it’s called estate planning. With the proper documents in place you can avoid disaster for both you and your loved ones in case of an emergency.
In specific a Financial Power of Attorney is a useful document which will allow for an Agent, or multiple Agents of your choosing, to be authorized within legal confines to execute financial obligations on your behalf. Even digital assets can be managed in the event of an emergency through the use of a Financial Power of Attorney, but if and ONLY if this document is put into place before the event of an accident or other incapacitating situation.
Don’t wait till it’s too late. Look into planning your estate now. We are always ready to conference with inquiring individuals who want to know what their options are regarding estate planning and what steps need to be taken to ensure that all assets, obligations and affairs are honored in accordance to ones wishes and needs.
William Moran, Legal Assistant
Blog Disclaimer: THIS IS NOT LEGAL ADVISE. The above information is provided simply as website material and is not to be construed as legal advice.