Making Sure Your Power of Attorney Works When It Matters
Many families learn too late that their power of attorney is outdated, hard to locate, or never shared with the people who need it. This video explains how that delay can complicate simple financial tasks during emergencies. Watch to understand how this simple tool supports your family and reduces stress during uncertain moments.
Topics Discussed:
Keep POA active and updated
Tell institutions about your agent
Prepare documents before emergencies
Transcript:
Hi everyone. I'm Russ Rivera, founder and president of Voice Wealth Management, and this is Sidewalk Talk. Different neighborhood today - we're kind of near Times Square filming this one. As we turn the calendar from 25 to 26, this place gets a little bit nuts.
But you know how we all like to think we've got things under control until life reminds us we don't. So a power of Attorney document or POA is one of those tools that sounds like legal mumbo jumbo and all that, but it's really just about making sure someone you trust can step in and handle your financial stuff for a while. And a lot of times it comes up in kind of end-of-life situations, and it's really important to have.
The problem is a lot of people have their POAs, if they've done their estate planning, that they're supposed to, they have them, they've been drawn up, but they're sitting in the drawer somewhere, if they have them at all. And something unexpected happens. Somebody gets hospitalized, somebody gets injured, other family emergency, and now there's no one who can pay bills, move money, execute simple things that we all kind of do all the time in the background of everyday life. But when I can't do it and I can't make a change, somebody has to be able to step in and be able to do that for me. And so that's when small paperwork problems become a big mess.
So how do you use your power of attorney? How do you use it? Well, the first thing is make sure it's active and updated. The person you've named as your designated agent should know what they can and can't do.
Second, let your financial institutions know about who this person is before you actually need it. It avoids surprises later. I've had too many situations come up where the documents are there, but the process of getting those documents in place and in effect so that the actual agents can act can be lengthy, and then you're really kind of stuck on some things. So those are really important.
And finally, talk with your advisor, whoever your advisors are about how do you use the POA as part of the bigger picture in a financial plan. It's not just about contingencies, it's also about keeping continuity and control when it comes to your assets.
So if you're not really sure whether or not you've got one and it's ready to go, or you just don't have one at all - first of all, if you don't have one at all, contact a trusted estate attorney. They'll certainly be able to help you out. But if you have other questions, don't be afraid to reach out to us. We'll be able to help you and help you figure out who it should be and what you need to talk to an attorney about. And whether or not if you have one in place, it needs to be in place on your account so that we know about it and can help you when it comes time. So I'm Russell Rivera, founder and president of Voice Wealth Management. Thanks, and we'll see you next time.
Russell D. Rivera, CFA, CFP®, is the Founder and President of Voice Wealth Management, an independent financial services firm serving professionals, entrepreneurs, and families in New York City and beyond. Focusing on helping clients make informed decisions about saving, investing, and financial planning, Russell is committed to providing a customized approach that reflects each client’s unique priorities and experiences.
