Peace Of Mind And Security: A Financial Power of Attorney Can Help
Aging and physical decline can raise concerns about your affairs. A well-crafted financial power of attorney (POA) can help put your worries to rest while securing your economic future.
The attorneys of Cavitch Familo & Durkin Co., L.P.A., in Cleveland can help you understand the benefits of a financial POA. With our experience, you can create a powerful POA and insert it seamlessly into your Ohio estate plan for ultimate asset security.
What Is A Power Of Attorney? How Is It Used For Financial Purposes?
It is a legal document defined by its scope of authority and durability that grants another person – your agent or attorney-in-fact – the authority to manage your financial matters. The scope dictates the actions of your agent, ranging from broad management to specific tasks like buying a company.
Other examples include:
- Manage bills, accounts and investments
- Handle business affairs and file taxes
- Buy, sell and manage real estate
- Make investment decisions
The durability element determines if the POA remains valid if incapacitation occurs. Durable POAs stay active by nature and are generally the preferred choice for financial purposes.
When Might One Need A Financial Power Of Attorney?
The protection of a POA can prove invaluable in various situations. Whenever life circumstances render you unable to manage your finances, it can ensure your affairs carry on as usual even when you’re facing physical or cognitive incapacity from illness, injury or aging.
We Have Generations Of Experience
Our estate planning team can guide you through the creation of a financial POA that meets your unique needs. We will:
- Discuss your financial situation and goals
- Explain the different types of POAs and help you choose the one that suits your circumstances
- Ensure it complies with all Ohio legal requirements
- Provide ongoing guidance and support as needed
Call 216-621-7860 or contact us online for customized estate planning documents that always reflect your current circumstances. For more than a century, the Cavitch Familo & Durkin firm has helped Cleveland residents preserve their legacy. With us, you can rest easy knowing your loved ones and assets are secure.