When you dedicate your life to accruing wealth for your loved ones and building a legacy that will go on for generations, you need a support system that will keep you on the right path. You shouldn't hesitate to delegate tasks and affairs to reliable professionals who will take some burdens off your shoulders. One way to ensure you don't get overwhelmed by the responsibilities that accompany wealth building is to invest in an estate plan that gives you valuable tools you can use to your advantage. One such tool you should consider exploring is financial power of attorney because it exempts you from many decision-making processes. To put things into perspective, this article will explain a few tasks a financial power of attorney can take off your plate.
Payment of Bills
During the first few years of being an adult, you likely looked forward to paying your bills because the process helped you demonstrate your financial responsibility. However, as years go by, payment of bills becomes a repetitive undertaking that you wouldn't mind delegating to someone else. This way, you don't have to keep up with all the payments you have to make monthly or even bi-weekly. And by assigning power of attorney, you can ensure you continue leaving the rest of your life not worrying about bills and when they should be paid. Be it your mortgage, rent or credit payments, a reliable person can stand in for you and complete the payments.
Accounts Management
Drafting a financial power of attorney also allows you to not have to worry about your bank accounts. The person standing in for you will help manage them and update you on any bank requirements you should fulfill. Allowing someone else to oversee your bank, retirement, trust and even investment accounts allows you to make room for treasured memories with family instead of constantly thinking about money.
Property Acquisition and Asset Liquidation
As an investor, especially in the real estate sector, property acquisition and asset liquidation is likely the order of the day. And while you might want to see your first few transactions, over time, what matters is whether or not they're good financial decisions. That's why it doesn't hurt to assign financial power of attorney to someone you trust will make the right investment choices.
Taxes Compilation and Filing
Last, financial power of attorney allows you to take tax compilation and filing off your plate. Your designated tax advisor will file your tax returns and deal with the IRS on your behalf.
Hopefully, this deep dive into financial power of attorney as an estate planning tool has highlighted how invaluable it is. If so, don't hesitate to engage estate planning services to learn legacy planning tools you should know about. For more information about estate planning, reach out to local services, such as https://www.wolfleylawoffice.com/.
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