Jun 7, 2019
Beth Ruthmansdorfer, Attorney with Moertl, Wilkins & Campbell, S.C.,
joins us to discuss the various ways that setting up authority in
your Financial Power of Attorney (POA) is beneficial to you
including your business, pets, children, and other assets that you
have especially while going through and post-divorce. Assigning
authority within your Financial POA is important because it gives
you control over where your assets go in the case that something
happens to you. The 5 items that every newly divorced woman needs
in her POA are:
- Beneficiary designations – this is important because if an
accident happens and the estate plan is not done yet you need to
have your agent have the authority to be able to add the
beneficiary on those assets to make sure the plan works (i.e., life
insurance and retirement accounts). There is still a lot of
clean-up to do post-divorce. You want to make sure your ex-spouse
is not listed as a beneficiary on your accounts and assets.
- Creating and Funding Trusts – making sure the adequate
paperwork is done to complete the process. This is important
because you might not have gotten started, but your agent can
finish the process if the agent is specified in the POA.
- HIPAA – if we are not physically able to pay our bills then we
want our Financial POA to have the authority to pay our medical
bills and get a second opinion or can look at the medical pieces in
order to do a proper analysis.
- Business – if an individual opens a business and something
happens to them physically where they are not able to manage it or
they cannot pay the bills, somebody needs to have the authority to
manage those business assets.
- Pets – having the authority in the POA to have someone care,
manage, and pay for your pet is important because there are a lot
of veterinarians that will not release any information about the
animal to anyone that is not the owner of the animal.
The more authorities that you lay out in your Financial Power of
Attorney, the less likely you are having to go to a court of law to
ask for permission.
In this episode, we discuss:
- Financial Power of Attorney
- Beneficiary designations
- Naming minor children as beneficiaries
- Estate Planning: Importance of having a Trust in place
- Creating and funding Trusts
- Post-divorce storm clean-up
Moertl, Wilkins & Campbell,
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