This article on family communication is by the Kinnect Team — Kinnect makes it easier for families to share information. Make sure those who rely on you have everything they need. Find out more about Kinnect »
You’ve heard it somewhere before, it sounds important. But what is it? Why do you need it? Why is it so powerful?
In a Nutshell
Simply put, a Power of Attorney is a person you pick to manage your finances in the event you can’t do it yourself. A POA is required mainly when health or mental issues come into play.
Like the Title Says, it Holds Power
In the event you cannot, your POA has the ability to take care of all things finance for you. From filing taxes, managing accounts and investments, and paying bills. Your POA will be the person to make sure nothing falls through the cracks.
Picking the Right Person
When you give somebody responsibility, you want to make sure they have the right skillset for the job, your POA is no different. The right person will be able to quarterback accountants, attorneys and agents. They have good time management skills and will never miss a payment or invoice. And, of course, they are not the type to mismanage your savings.
It’s Not Permanent
A POA is not a beneficiary, unless you choose – but that’s a different conversation – rather, their task is complete in the event you pass. The legal power over your financial affairs is no longer in effect at that point.
Make it Official
It’s very simple to create a POA online or with your attorney, and there are many formats out there. What’s important is that you make it official by notarizing it with a Notary Public, or at your local bank, postal service or government office.
When you’ve created and gathered your documents, secure and share them. It’s really simple to set up Kinnect, it’s free for life for those who get Early Access, and it will change the way you communicate with your family for the better. Get Early Access now.