Durable Power of Attorney Definition For Your Retirement
What Is the Durable Power of Attorney definition?
Are you comfortable even thinking about a durable power of attorney definition? Well, you need to man/woman up and check this out.
I hear you, you are not dying.
Neither are you in the hospital. Not really old, just retired.
The fact is, you have probably needed this document in place for a long time. You are running very late in securing it if you are just now getting this done.
This needs to be done
Why? To make sure that the life of your loved ones goes on uninterrupted should you for some reason be unavailable. You have all lived with this bullet-proof attitude far too long. Just sit down and get it done.
You are, in fact, putting your whole financial future at stake, along with the medical future. Do you want your local state government to assume your banking account, your savings? Decide who and what happens to your belongings?
The life you have worked for? Your families’ inheritance? Most of us have allowed good luck to guide us long enough.
It is time to act like the sensible retired adult senior citizen you are and tend to business.
What is this document?
The one that rattles the bravest souls around? It is a legal document that has a great deal of power associated with it.
This document allows the person(s) of your choosing to carry on with your financial life should you become unable to do so. Yes, it is important.
I had one of these, many years ago. So long I had forgotten, actually. This was when I was a young widow. With 3 children. Living in another state from our families.
Of course, I had their unwavering support. They could get where I was in a reasonable amount of time.
Remember, this was back in the dinosaur days of no cell phones or computers.
We had moved out of the caves, so it was not back in the caveman days. Just not very far. We were not as “connected” as we are now. A different world from the one we live in today. Oh, my! Technology.
Back to durable power of attorney definition
I was scheduled for some surgery. Upon the advice of a lawyer, a durable power of attorney was made. Do not even remember who I named as guardian of our children. Just did not want my children under the jurisdiction of the state government. Wanted them with our family.
My other brush with this document happened when my son was working in international energy exploration and production. With a young family, and living in a foreign country they needed this protection and had one.
I really do not remember the limitations or rights extended with this document.
Hey, I have lived a long time and the past has been busy. Every day God has granted me another miracle in that I am still having such fun and exciting days. Some of this stuff gets hazy, from storage in the memory bank.
Actions a durable power of attorney allows
This durable power of attorney document will allow your representative to sign legal documents for you. Your social security check is one of the important items that you may need access to.
You may need a check signed to your bank account. A bill paid. A payment made while you are recovering from a car wreck.
I know, no one, especially me, likes to think they will not live forever. Or have any kind of limitation on what we can do. What we have access to.
This does take some thinking about
You are accustomed to thinking that when you sign the Medical power of attorney, you are done. This comes from living in a world that was pretty much justice based.
You thought that anyone who offered to help? Why of course, they had our best interest at heart.
That helpful soul
Will I hate to be the bearer of bad news, but it ain’t so. There are people out there who prey on senior citizens.
Everyone is always “helping” you come around to their way of thinking. Even your own flesh and blood.
You should be open to different ideas, different thinking, different values. However, this does not change the fact. What fact? The one that says you are entitled to your way of thinking.
There are your life experiences. Just because something makes sense to your “educated, successful, thrifty son who is in his 50’s” does not mean it works for you.
If you are pushed into others way of thinking, that is your fault. The suggestions and advice given are sound for a person still in the workforce. They may not work for you.
The power of attorney definition is important
This is how you protect yourself. Protect your spouse.
Each of you, if you have a spouse, need to have this protection.
Having this document makes it easier to proceed in an extended illness situation. A long lasting recovery from accidents or just an illness.
I admit it
So many years of having the “too poor to need this” attitude. Yes, I was slower to come to terms with this part of being responsible. It is true that there has been little of value to make me think in terms of “protecting.”
However, there is a bit to protect now. We also have the complication of each bringing children to the union. So it really is irresponsible to not take the steps to make this part of our life smooth.
Seeing the light
Thinking you will not live long enough to need this is also a head-in-the-sand approach.
I do not want Mr. B to have issues or questions about the future should I become incapacitated. This can be decided with a durable power of attorney.
When a spouse is no longer available to talk with you through decisions. Having someone you trust. Someone who is already aware of the family finances. Aware of how we want things handled. To just assure me would help in the stressful times.
Check out state rules.
Each state has its’ own rules. This is important and needs to be considered. In the case of legal actions. A vehicle wreck that might involve a lawsuit.
There are many questions that can cause concern. Having someone already in place. With the documents to act for you should you not be able to. Just one less thing that the bereaved family or spouse has to handle for you.
Maybe it is a convivence thing. You decided to stay longer at your sister’s than planned. The vacation that you were not ready to end yet. Having someone in place already to get the mail, make the transfer to your bank from savings. (Again, remember some of us are slower to do everything online)
This durable power of attorney thing.
Yes, a durable power of attorney is important. This should be given some real thought. Think about the person(s) to ask for this help. You can do your own research. You are reading this online. Check out this state information here.
See what your state requires. If it is necessary to have a professional prepare it for you. Get the paperwork assembled to make the task as efficient as possible.
Most legal work is done by time increments. Make their work as easy as possible. Then, you will be able to proceed with that great fun retirement.
Peace of mind
You will have the peace of mind that you have taken care of your business. Do away with the thought in the back of your mind. The one that makes this an unfinished piece that needs doing.
Goes without Saying
Important medical disclaimer.
I am not a Doctor, Lawyer, or Investment advisor.
I am simply a fellow traveler on this road through retirement.
Here, I share what I have found through actual practice or through a stumbling effort to improve myself.
Your results, should you adopt one of my suggestions will probably be 100 times better as you are probably a much stronger person than I am.
This retirement stuff is hard! Retirement would be a challenge even if it did not involve the aging process.
We have to work together to make the best of it! Lifetime habits, good and bad, accompany us on this journey we are on. We sometimes are not aware of how we hinder ourselves. My intent is to call attention to what I have found along the way that either teaches, warns, helps, or hinders me.
I hope you can learn, laugh, think about, and pick up a suggestion that will make things better for you. Sharing is how we do it. Do you have a suggestion that you can share? Please leave your comment.