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Who will care for your finances if you are incapacitated?

When you’re creating an estate plan, you may be focused on what you’re going to do with your assets. But, there’s another consideration you need to think about when you’re getting things together. This is who will pay your bills and care for your financial matters if you’re incapacitated.

Even though you aren’t able to make decisions and take care of these matters, the bills will still come due and other things will have to be handled. In order to get this done, you can name a financial power of attorney. This person will pay bills and take care of other financial decisions on your behalf.

Who should you name as the financial power of attorney?

Deciding who to name as a financial power of attorney is a personal decision. This must be someone you trust without fail. They have to be able to make decisions that are in your best interests and not their own. The financial power of attorney gives them the ability to do anything you would do.

Some people think that naming their next-of-kin as the financial power of attorney is their best option. The issue with this is that having to take care of these matters might put more stress on your loved one. This might mean that another person is better suited for the duties.

Once you determine who you should name for this duty, you must ensure you get the proper documents set up. Your attorney can help you to get this done in a suitable manner so the person can exercise their duties when the time comes.