mburkhardt@burkhardtlaw.com | (314) 518-1581

Burkhardt Law

  • About
    • Who is Martha Burkhardt?
    • Our Mission
    • Client Testimonials
    • What is Different About Burkhardt Law?
    • Contact Us
    • Free Consultation Request
  • Trusts & Estates
    • Why Estate Planning?
    • Is it Time for a Will?
    • What is a Trust?
    • Power of Attorney
    • Deeds
    • Estate Planning Consultations
    • The Impact of a Health Care Directive
  • Business Law
    • Contract Review
    • Operating Agreements
    • Company Formation
  • Traffic Law
    • Why Get a Lawyer for a Traffic Ticket?
    • Traffic Help Now
  • Blog

October 1, 2019 By Martha Burkhardt

One of the Most Important Documents – A Financial Power of Attorney

A lot of people have questions regarding wills and trusts.  Those documents do make up a part of a complete plan, but one of the most important documents is a financial power of attorney.

For families without minor children, my first priority is ensuring my clients are taken care of if they cannot take care of themselves.  Now, the medical power of attorney is important to make sure the correct person can make health care decisions.  However, often times, I find medical professionals will follow instructions even without a medical power of attorney.  Now, that may not always be true, so a medical power of attorney is necessary.

However, I can guarantee a bank or financial institution will not allow someone who is not listed on an account to sign.  This is a major concern for those who have the majority of their money in retirement accounts.  On retirement accounts, only one person is listed as an owner for tax purposes.  There may be beneficiary designations, but those don’t go into effect until death.  So, without a power of attorney, if the owner cannot sign, no one can.  This can present a huge problem for married couples who rely on each other’s retirement money.

The same would be true of a couple with a house in joint names.  If the home would need to be sold to provide for them or just to downsize, both would need to sign.  However, if one can’t, the home cannot be sold without court intervention.

A financial power of attorney is an easy solution.  By completing a power of attorney, you can decide who can access financial accounts for you and what powers they have.  So, tell me, who do you trust with your power of attorney?

Filed Under: Blog, Estate Plan, Power of Attorney Tagged With: assets, Incapacitated, Power of Attorney

Categories

  • Blog
    • Estate Plan
      • Beneficiaries
      • Children
      • Gifting
      • Joint Titling
      • Power of Attorney
      • Trusts
      • Wills
    • Probate
    • Traffic
  • Final Arrangements

Archives

Free Consultation Request

Do you have a question that only a lawyer can answer? Request a free consultation now.

Burkhardt Law Firm

Phone: (314) 518-1581
Email: mburkhardt@burkhardtlaw.com
Address:
2333 Grissom Dr., Suite 107
St. Louis, MO 63146

About Us

  • About Burkhardt Law
  • Who is Martha Burkhardt?
  • Our Mission
  • Client Testimonials
  • What is Different About Burkhardt Law?
  • Contact Us
  • Free Consultation Request
  • Blog

Estate

  • Securing Your Family’s Future
  • Why Estate Planning?
  • Is it Time for a Will?
  • The Impact of a Health Care Directive
  • What is a Trust?
  • Power of Attorney
  • Deeds
  • Estate Planning Consultations

Business

  • Building a Firm Business Foundation
  • Contract Review
  • Operating Agreements
  • Company Formation

Traffic Law Assistance

  • Traffic Law Assistance
  • Why Get a Lawyer for a Traffic Ticket?
  • Traffic Help Now

The choice of a lawyer is an important decision and should not be based solely upon advertisements. Any information on this page should not be taken for legal advice. Use of this website does not create an attorney/client relationship.

Copyright © 2023 · All content owned by Burkhardt Law. Website created and managed by Worry Free Marketing, St. Louis. Sitemap.