Learning to master your finances is a challenging but rewarding process, which is why learning how to give up control can be difficult. Such is especially true in the United States, where we value self-reliance, self-determination, and independence above many things.
However, with age comes change and the possibility of unexpected life events, which means we cannot always rely on ourselves. Therefore, learning to accept help from others can be a liberating and empowering decision.
One way of accepting help is by creating a plan with your trusted loved ones and solidifying it through an attorney. These arrangements are known as a power of attorney, and they allow a predetermined person or set of people to help you immediately or at a moment's notice should you no longer want or be able to make decisions for yourself.
While yielding control over your dominion is not a quick decision made over brunch, doing so through a power of attorney when you are healthy allows for your input to guide the process, which many of our clients have already done and prefer.
Before establishing a power of attorney, you should determine who is a good candidate and how much authority you want to grant them. Are they someone you can trust? Do you want to grant them control solely over your investments or other things as well?
We encourage you to discuss this with a licensed legal professional, as they can help guide you to an answer that makes sense for your unique situation.
While no one enjoys giving up control, everyone will need some degree of help in the future. By thinking through how you would like assistance before ever needing it, you can retain more control and say over the process, which is meaningful.
If you are ready to discuss when and how to hand over control of the various aspects of your life, we are here to help. Whether it is starting a dialogue around giving up some control or referring you to an attorney who can draft a power of attorney and give you legal advice, we are ready for your phone call. We look forward to speaking with you soon!