Power of attorney

We can help you pick the right person to manage your finances now or if you become incapacitated.
Characters Remaining: 600
${docAttorneyName}

Rocket Lawyer On Call® Attorney

Power of Attorney FAQs

There could come a time in your life where you may need someone to help you manage your financial affairs. It simple to appoint someone to take care of your financial obligations if you become ill, incapacitated and deceased.

What is a Power of Attorney?

Power of Attorney (POA) documents are used to appoint someone to take care of your financial affairs when you cannot. The appointed person can legally manage your financial obligations if you become incapacitated. You can decide how much control you want to give them and what you consider to be "incapacitated." You can also appoint a POA if you are healthy, but don't want to, or have the time to, manage your own finances.

Limited Power of Attorney

A person appointed with Limited Power of Attorney can act on your behalf for a specific transaction or for a limited amount of time.

General Power of Attorney

A General POA appoints someone to have general authority to manage nearly any aspect of your finances including writing checks and taking distributions from your investments.

Springing Power of Attorney

Springing POAs "spring" into action when certain circumstances are met, such as you become incapacitated.

What is an executor?

An executor is a person or professional executor who is appointed to carry out the terms of your Will. Tasks include organizing assets and paying your debts. Once debts and financial obligations are met, they distribute your remaining assets. Depending on the size of your estate, this can be a challenging task. To help ease the burden of families and to minimize family disputes, many often hire a professional executor. Professional executors cost about three to five percent of the estate.

Who should I appoint as my executor?

Choosing an executor can be challenging. An immediate family member may not always be the right choice. Plus, you should never feel pressured by anyone to make a specific selection. Since family matter can become emotionally charged, many opt to hire a professional executor (accountant, trust company). Additionally, you will need to appoint a secondary executor in case the first cannot fulfil their duties due to death or illness. Before appointing executors, notify them of their duties and ensure that they are willing to take on the task. Don't forget to update the document periodically if needed.

What to consider when choosing an executor

  • Are they responsible? Do they have the financial savvy to make good choices for you?
  • Do they manage their own finances well? If they cannot manage their own money, they may not be the best choice to manage yours.
  • Is the person in good health mentally and physically? Do they have the stamina to fulfil their duties?
  • Is the person legally qualified? Do they have a criminal past? Are they non-citizens located out of the country?
  • Is the person patient? Can they avoid family drama?

What happens to my online accounts if I die?

If you have not added a Digital Assets Addendum to your Will your accounts will be active long after your death. Most online social media accounts do have procedures for your family to follow after you pass to close or memorize your profiles. But they may not even know which accounts you have or think to shut them down. So, it is best if you appoint someone to manage your digital assets.

You'll want to choose someone you can trust with your personal information while you are alive and after you pass. In the Digital Assets Addendum include:

  • A list of every online account and profile with links.
  • Your account username or ID and password.
  • A description of what you want them to do with the account.

Other digital assets to think about include information stored on your mobile phone, external hard drives and computer hard drives. You can include in the addendum to your Will how you want these digital assets to be managed. You may choose to have them archived or erased completely.