What is a Financial Power of Attorney?
A financial power of attorney document protects you while you are alive. If you were to lose capacity (generally Alzheimer’s, dementia, or being in a coma) and need someone to manage your money and other assets, your financial power of attorney handles this for you.
To give you peace of mind knowing if something were to happen to you that your assets would be managed by someone you trust, contact our Colorado Springs based firm.
What Happens If I Lose Capacity and Don’t Have a Financial Power of Attorney?
If you were to lose capacity and not have a financial power of attorney in place, your loved ones will have to go to a court hearing known as a conservatorship hearing. This hearing costs thousands of dollars and a judge who does not know you, does not know who you would personally trust, will appoint someone to manage your financial affairs. The judge could appoint an attorney who will charge you by the hour to handle this for you. An ounce of prevention is worth a ton of cure.
A similar situation occurs if you do not have a medical power of attorney in place. Fortunately, our team can guide you on how to put a full plan in place so you and your family can avoid court in multiple scenarios.
How Do I Put a Financial Power of Attorney in Place?
Contact our attorneys serving the Colorado Springs and Monument areas to get peace of mind knowing your financial power of attorney is in place. You can easily make an appointment by simply calling 719-249-2785.