What if I’m Uncomfortable with My Power of Attorney?
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What if I’m Uncomfortable with My Power of Attorney?


What if I’m not comfortable with
a financial power of attorney, that’s the question I’m gonna be
answering for you today on Ohio Estate and Probate Q and A
I’m your host Scott Hoberg and this is the show where I answer
questions that you have involving the estate planning and
probate process here in Ohio. If you have questions about estate
planning and probate, you can go to Buckeye Estate Plan dot
com and schedule a time to talk That’s Buckeye Estate Plan
dot com and schedule a time to talk over the phone or. Person to
discuss your estate planning and probate needs Now if you have
executed a financial power of attorney you’ve likely done it as
part of a greater estate plan and basically just as a refresher
course, What a power of attorney does is that it gives you
the opportunity to name somebody that you know and you trust
to act on your behalf. Specifically, a financial power
of attorney allows somebody that you know and you trust to act
regarding your financial. When it comes to managing your day-to-day
financial assets now, if you’re a little bit hesitant
about naming somebody to be your financial power of attorney,
then really what you may want to do is first look at what a financial
power of attorney does there are number of things that
you can have a financial power of attorney do specifically, you
can have them. perhaps up you know attend ceremonies as it relates
to closing real estate transactions. You can have them
to give them the opportunity to sign on checking accounts or the.
To deposit into a specific account, you can also give them
the opportunity to make investments or manage some of your
other Affairs. Now. a lot of this may seem kind of daunting and
in fact, it may not be somebody that may not be something
that you would just want to give an ordinary stranger the power
to do so that’s really where the decision comes in when
it comes to creating a financial power of attorney. you
know the first question is going to be. is there somebody that
you know and you trust to be able to act on your behalf in
a way that Represents what your desires are often times when
it comes to married couples. They often look to their spouse
in order to create that and what that can do is I cannot only
allow things to perhaps act a little bit more smoothly. When you’re
talking about separate accounts for spouses that you know
may not have gotten around to merging every account that everybody
has, but what it can also do is allow them to act in
a pinch when you need to do so, however, the rubber. Really meet
the road not when you’re dealing with your spouse, but when
you’re dealing with a friend or an acquaintance or somebody that
you think should be able to manage these Affairs the right way,
But perhaps they may not necessarily be able to do so or
you may not have a hundred percent trust when it comes to that.
now. when you do that, you wanna first make sure that you know
you’ve done everything that you can do in order to create trust
and to make sure that. You know enough rules are in place to
make sure that what needs to happen happens. Also what you can
also do in these circumstances is you may not necessarily
have to give them complete carte launch over absolutely
everything regarding your financial Affairs. In fact, you
can perhaps narrow it down to one or two things that you think
they can handle whether it is again signing deeds. If you are
going to be out of town and you need to close on real estate or
if you just need somebody to. Withdraw from one specific account,
you can give a limited power of attorney in order for that
to happen. you don’t necessarily have to give them a
full opportunity to access all of your financial Affairs. Now,
it should be noted that in some circumstances things happen where
people break their their word when it comes to managing somebody’s
Affairs in a power of attorney and when that happens often
times the person that does this is What is called the fiduciary
duty, and that gives the person that has been injured, perhaps
the ability to go after them to try to be made whole. Hopefully
it never comes to that. But you know there is a path forward
in the event that the worst were to occur in somebody
would abuse the power of attorney that you have granted to
them. Hopefully it doesn’t come to that. And if you have questions
about creating a financial power of attorney as part
of a greater estate plan, let me know I’d be happy to sit
down with you and talk. Go to Buckeye Estate Plan dot com in order
to schedule a time in order to do this once again. My
name is Scott Hobert. Thanks for checking in on this episode
of Ohio State and Probate Q. and A.

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