Planning for Peace of Mind (Power of Attorney: More Than a Signature)
by Doris Castelluzzo, FPQP®
Lead Service & Operations Specialist
A Power of Attorney is an important estate planning document that allows someone you trust to make financial decisions on your behalf if you’re unable to do so. It provides peace of mind, knowing the person you’ve chosen can step in when you need them most.
Most people assume that once they’ve signed a Power of Attorney, they’re done. Unfortunately, that’s not always how it works. We’ve seen families discover, during a medical emergency, that the document they thought was ready hadn’t been reviewed and accepted by the financial institution that needs to honor it.
When Might You Need a Power of Attorney?
A Power of Attorney may become important if you’re unable to manage your finances due to:
- Illness or injury
- An unexpected hospitalization
- Extended travel
- Cognitive decline
- Another situation that prevents you from handling financial matters
Common Misconceptions
- Once I sign my Power of Attorney, it’s automatically ready to use. Many investment firms require the document to be submitted, reviewed, and accepted before your designated agent can act on your behalf.
- Every financial institution handles Powers of Attorney the same way. Each financial institution has its own review and acceptance process.
How Hobart Wealth Can Help
As part of our planning process, we encourage clients to coordinate a review of their POA with the relevant financial institution before an emergency arises. We can help submit the document for review and identify whether the financial institution indicates it may be accepted as submitted or whether additional documentation may be required.
If updates or additional documentation are needed, our team can help guide you through the process, including access to notary services in our office when appropriate. Addressing these details ahead of time may help make the process smoother and reduce avoidable stress for you and your loved ones when it matters most.
If you have questions about your existing document or would like us to review it with you, we’re here to help.
Safeguard Your Finances With Pro Guidance
Want to learn more about a Power of Attorney and its impact on your financial plans? You don’t have to navigate this complex terrain alone. Working with an advisor can help you understand your options.