Why a Durable Power of Attorney is Important
If you’re single or if your spouse dies, who would you trust to pay your bills, and takeover your checkbook, in the event you were unable? If married, most would choose your spouse to sign for you as agent on your durable power of attorney. But few couples have a durable power of attorney with someone named in second place, and few single people have a power of attorney at all.
If you’re single, it’s essential to have a durable power of attorney, and if you’re married and one spouse dies, having that second-place person named becomes very important.
No one is immune from losing mental clarity that enables you to effectively pay your bills, manage your financial decisions, or decide who should be trusted to help. The agent on your durable power of attorney is empowered to sign your name; therefore, it is a powerful position and should be someone you trust. But the person you name would become your fiduciary — meaning if called to serve, that person would be obligated to act in your best financial interest at all times. So it is better to name someone, and in the case of married couples, agree on who should be named as your second-place fiduciary. Not having an executed power of attorney can lead to a court appointing someone other than the person you would choose to handle your affairs if you cannot. Therefore, doing nothing is the worst option!
If you are a Colorado resident, name your fiduciaries — those you trust — on iWillandTrust.com.