Davenport Lawyers: Financial Powers of Attorney
No one wants to consider a day when he or she needs help, but preparing for such a day is better than being caught unprepared. There are steps that a person can take now to have input over his or her affairs even if he or she becomes incapacitated. A financial power of attorney is one such step.
At Schnell & Hancock, P.C., our Davenport and Rock Island attorneys are experienced at crafting estate plans that offer our clients a comprehensive approach to their future. Having someone you trust to help with your finances can provide real peace of mind.
Help Ensure Your Interests Remain Protected
A financial power of attorney (also known as a property or durable power of attorney) allows people to grant another person the power to make financial decisions for them. Most financial powers of attorney are drafted to come into effect when a person becomes incapacitated, for example, due to dementia or a brain injury. The person who would assume control (the agent) would have authority to act in the best interests of the person who becomes incapacitated (the principal). The agent would be able to take a wide range of actions to best serve the principal’s best interests, including among others:
- Paying bills
- Depositing checks
- Maintaining bank accounts
- Filing tax returns
- Entering into contracts
- Buying, selling, leasing or transferring property
Making Decisions Now About Your Financial Future Gives You More Control
Failing to identify and give someone decision making authority through a financial power of attorney can leave your finances in disarray. If you have not given someone that authority ahead of time, your loved ones will be forced to petition the court for that authority. This can be a time-consuming and costly process that is open to conflict among your loved ones. Drafting a financial power of attorney now can avoid those negative aspects, as well as ensure that the person in charge of your finances is someone you actually trust.
Contact Our Attorneys to Help You Plan for the Future
Take the time to choose someone you can trust with your finances should you ever need that assistance. Let the lawyers of Schnell & Hancock, P.C., draft a financial power of attorney for you. To schedule a free initial consultation, call 563-359-7112 or contact us online. From our Scott County offices, we provide legal representation throughout eastern Iowa and western Illinois.