What kind of problems? Well, your family, even your spouse, in most cases, cannot automatically take care of your financial affairs, or make certain medical decisions on your behalf. Many people wrongly assume that family members have authorities and powers that the law doesn’t actually provide.

As discussed above, your spouse cannot sell/refinance your interest in your home (or any real estate) during your illness, even if the title is held in both of your names.

Stocks and other investments

Retirement plans

Life insurance

And many others

Oklahoma City Powers of Attorney Lawyer

What Is the Importance of Power of Attorney?

Your power of attorney is a common, but under-used estate planning tool. It allows you to identify a list of people who will handle your affairs if you became incapacitated/incompetent.

Your power of attorney is part of your minimum estate plan (along with your will, and healthcare directives). Unless you have prepared a properly-written power of attorney, your family will likely face an expensive and difficult court proceeding if you became very sick.

Reach out to McBride & Associates, P.C. to draft your power of attorney today. Call  405-842-7626 or contact us online now.

Incapacity & Incompetency

Your family will often face very serious problems if you were physically injured (incapacitated) or began suffering a mental/emotional disability (incompetence). Sadly, the problems resulting from incapacity or incompetency are sometimes worse than those that would arise if that person died.

This is because if you were to die, your family can often settle your estate relatively fast. But, if you became incapacitated/incompetent, the problems persist for as long as you are sick. A long-term illness could result in problems that last for years.