Spouses Don’t Have Automatic Powers of Attorney

Charlie and Sonya thought they were doing well five years into their marriage in regards to their finances and future.

After their wedding, they opened a joint bank account that included automatic deposits of their paychecks, and they named each other as beneficiaries on life insurance policies and 401(k) retirement accounts. Charlie and Sonya also met with a local attorney to draft a Last Will and Testament, but they decided not to spend the money on powers of attorney due to their good health and relatively young age.

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