In this Elder Law Minute, Wes Coulson, Managing Attorney at Coulson Elder Law LLC, answers your questions about whether or not you need a power of attorney.
Do I Really Need a Power of Attorney?
Hi, I’m Wes Coulson, and this is your Elder Law Minute. A lot of times people will ask, “Do I really need a Power of Attorney?” Usually, when they’re asking they say, “Well, I’ve got my daughter’s and son’s names on all of my accounts.”
The answer is a definitive “yes.” Unfortunately, just having someone’s name on your accounts leaves a lot of holes in your plan. Somebody may be able to manage your money and pay your bills for you, but they can’t dispute any bills for you. If they need insurance information or anything of that sort, without a Power of Attorney, they can’t get it. If anything needs to be done with your house, they can’t act because their name isn’t on your house. And if anything has to be done with an IRA, I’ll guarantee their name isn’t on your IRA because “I” stands for individual and only your name can be on that account.
So quick summary here – Power of Attorney for Property is one of the most important documents that anyone could have and everyone should be encouraged to have one. Thanks!
For more on Power of Attorneys, visit these articles:
- Living Will vs. Healthcare Power of Attorney
- The $20,000 Power of Attorney
- Why a Healthcare Power of Attorney is Better than a Living Will
Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (877)995-6876 or Contact Us and we will get in touch as soon as possible.