Has Your Client Chosen a Superhero to Come to Their Rescue?
Managing the Client's Affairs
Although Batman, Captain Marvel, or Black Panther may be your favorite superhero, your clients must choose their own real-life superhero to come to their rescue when they can no longer manage their own affairs. Both you and your clients want to ensure that clients' financial affairs and tax obligations will be handled in a timely and appropriate manner if clients cannot handle their affairs themselves. Who can you talk to if the client cannot manage their own affairs?
The key to answering this question is often in the client's financial power of attorney. If you have a copy of your client's financial power of attorney but it has been in your files for a while, you should confirm with the client whether the person named in the power of attorney is still the person that the client wants to handle their affairs and whether you have the correct contact information. This is a good opportunity for your client to review their power of attorney and work with an experienced estate planning attorney to help them execute a new one if any changes need to be made.
If you do not have a copy of your client's financial power of attorney, you should request a copy of it, or with your client's permission, from their estate planning attorney. If your client does not have a power of attorney, you can educate them on the importance of this document.
Power of attorney documents can vary widely as far as what provisions are included and what powers are given to the named agent. For this reason, many institutions require that their own power of attorney form be used to ensure that it contains all the provisions necessary to authorize the institution to do what needs to be done on your client's behalf. If your business has a specific power of attorney form that must be used, be sure you have a completed form in your files and that you have provided a copy to the client's attorney. If your business does not require a specific form, be sure you have a copy of the form your client executed with their estate plan.
While fictional superheroes are fun and exciting, the most important superhero for your client will be the person who will manage their affairs when they cannot. As a trusted advisor, you can help make the transition as seamless as possible by ensuring that your clients have an updated power of attorney and you have a copy of it.
MEREDITH | PC
4325 Windsor Centre Trail
Suite 400
Flower Mound Texas 75028
214-513-1013
This newsletter is for informational purposes only and is not intended to be construed as written advice about a Federal tax matter. Readers should consult with their own professional advisors to evaluate or pursue tax, accounting, financial, or legal planning strategies.
You have received this newsletter because I believe you will find its content valuable. Please feel free to Contact Me if you have any questions about this or any matters relating to estate planning.
