The Motley Fool Discussion Boards

Previous Page

Retirement Discussions / Retired Fools

URL:  http://boards.fool.com/brigit-wrote-my-daughter-is-named-as-power-of-30435019.aspx

Subject:  Re: Trusts & IRAs Date:  12/16/2012  9:54 AM
Author:  TwoCybers Number:  18132 of 19224

Brigit wrote My daughter is named as Power of Attorney for my health. No one is named to handle my money.

You might want to think about this. What is going to happen if you have a stroke and can't talk, write, etc. Any General Power of Attorney can be revoked if you change your mind. Another feature to think about in your situation is what type of POA you want. See this:
http://www.duhaime.org/LegalDictionary/S/SpringingPowerofAtt...
While people may think they want to control when someone uses the POA, my view is make the POA effective immediately. #1 If you can't trust the person, you need a different individual. #2 You can revoke or change anytime you want. #3 If you have some limitation (like statement of physician or clergy must concur you are not capable) the Attorney in Fact will have to jump through hoops to activate. Depending on your local laws that may require affidavits and court appearances.

The comments are made by a person who has had to act through a General Power of Attorney. It is not as simple as walking into a bank and signing Brigit's name on a check.

Gordon
Atlanta
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us