Usually, we like to feel that we are on top of making our own financial decisions. We pay our bills, transfer money between our accounts and make our investments (good and bad). But sometimes, this is not possible. Maybe you are traveling to a remote area for an extended period of time. Maybe you have suffered illness or injury and are not up to making these decisions. Maybe you are getting older and finding it more difficult to keep track of your finances. At times like these, you need to grant someone financial power of attorney. Contact Cleveland, Ohio estate planning attorney Daniel A. Baron at Baron Law LLC. Cleveland, Ohio lawyer Daniel A. Baron can help you prepare for a successful and prepared financial future.
A financial power of attorney can take effect the day that it is signed and executed. It can be withdraw or changed at any time, as long as you remain competent. Alternatively, it can be executed to be in effect for a specific amount of time (like the period you will be hiking the Appalachian Trail).
A “springing” financial power of attorney becomes effective at a later date. It is triggered by some future event, such as the loss of capacity to manage your own affairs, as certified by a physician or some other designated individual.
A financial power of attorney does not continue after your death. At this time, responsibility for your financial affairs passes to the executor named by your will or, in the absence of a will, by the court.