Articles Tagged ‘Financial impact’

Planning for the Future

Monday, March 14th, 2011

Recently I had a conversation that made me think, “Wow, I didn’t know that and everyone should be aware of this.”

In talking with James Williams (associate attorney at Stevens & Associates), he made me aware that if you do not have a power of attorney on file no one can cease any treatment of medical services without a major court cost. So, if you get into an accident and are on life support no one will be able to make a decision to cease life support. They are only allowed to consent to medical options.

I usually think the only time you need to create wills or power of attorney is once you have children. However, the truth is that even if you are a single individual it is important to set up the what if. I would hate for my family to pay thousands of dollars to have the authority to make decisions when I could have just spent $150.

He also told me a few stories about how individuals weren’t really aware of whom they set as the beneficiary on various retirement and insurance plans. They ended up having their estate divided per the state. For a married couple, this meant that half goes to the spouse and half to the parents (or children).

He made me realize that even if you don’t have much, if your’e single, or even married with no children it is a good idea to determine who has the power of attorney and to articulate your will. Otherwise, you are at the mercy of the courts and a large cost for your loved ones.

Brook M. Avey, CPA

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