Paying Bills And Taxes: A Financial Power Of Attorney Can Help

A power of attorney can help you satisfy all manner of obligations in the event that you are unable to do so on your own. This is true of medical powers of attorney, as well as financial powers of attorney.

Going over the ways in which a financial power of attorney can help you pay bills and taxes, while speaking with an estate planning lawyer, will help you establish the power of attorney you need.

What Is A Financial Power Of Attorney?

A financial power of attorney is a document that gives someone else the ability to make financial decisions on your behalf in the event that you are unable to do so.

Just as an example, if you are in the hospital and cannot choose whether or not to pay for an important treatment, a financial power of attorney can give someone else the ability to make that decision for you.

Even though a financial power of attorney may not be as necessary as a medical power of attorney, they can be very useful if you have financial obligations that you are worried about not satisfying. 

How Can A Financial Power Of Attorney Help You? 

A financial power of attorney can help you by giving you peace of mind. You won’t have to worry about whether or not your bills/taxes are satisfied, in the event that you are not able to pay them on your own for a period of time.

Outside of giving you peace, a financial power of attorney can, and often does, help you prevent the issues that arise from non-payment. These include late fees and interest, as well as being denied the service you need; among others.

A financial power of attorney is a very useful tool that makes it very easy for you to satisfy all of your financial obligations. And, for this reason, it is worth developing one, alongside a medical power of attorney. 

What Can A Financial Power Of Attorney Do To Help You With Bills/Taxes? 

Just about everyone has bills and taxes that they must pay. If these bills and taxes are not paid, it can lead to late fee penalties, interest, or the services you rely on being denied.

To ensure that you never owe more than you should and always have access to the services you need, you can set up a financial power of attorney that allows someone you trust to pay all of your bills/taxes.

In the event that you cannot make financial decisions due to being incapacitated, you could end up owing far more than you should. Or, alternatively, not being able to access the services you need, due to non-payment. 

Speak With A Florida Estate Planning Lawyer Today 

If you would like to establish a financial power of attorney, you should work with a lawyer who can help. Speak with a Florida estate planning lawyer at Millhorn Elder Law Planning Group today to develop a financial power of attorney that helps you. 

Sources: 

law.cornell.edu/wex/power_of_attorney

law.cornell.edu/wex/durable_power_of_attorney_for_finances