financial power of attorney
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.
Without Children, Who Manages the Estate?
Josh and Debra saw how dementia had robbed Debra’s mother and Josh’s father of their faculties as they reached their late 80s, and the situation highlighted a particular -- and personal -- problem for the couple as they developed their own estate plan.