Durable Power of Attorney.

PRICEPLUS · #1 (**permalink**) 03-22-2005, 07:25 PM

If you are killed or incapacitated does your spouse of significant other have the power of attorney to take care of your financial affairs? Some states require you to have this even if you are the spouse. (That is what I have been told.)

I have filled one out giving the power to my wife and using a brother as an alternate should she be unable to exercise the power of attorney. The powers given are revocable at any time.(At least in NYS). Does anyone else here have one and do you plan to get one?

Does your state require you to have one to conduct your spouse's or significant other's business for them?

Russell · #2 (**permalink**) 03-22-2005, 07:35 PM

Not sure about the state laws but yes we both have it and brother/sister are listed as an alternative.

That reminds me, now that we have a daughter we have to change the beneficiary on all our stuff...

mjrube94 · #3 (**permalink**) 03-23-2005, 08:13 AM

My husband and I did the whole estate planning thing (wills, health care proxy, power of attorney) right before our first child was born. We should have done it sooner. Seeing cases like Terri Schiavo reminds everyone that no matter what your family situation, you never know what's going to happen and it's better to have one than not. No winners there!

Anyway, it can be costly to get the paperwork done (but definitely worth it imo). Two ways to make it less costly: Some companies offer legal insurance during their open enrollment period. My husband's did, and it cost about $225 for one year. If you go to one of the lawyers in their network, you only pay a copay for each of the documents. We signed up for the insurance when we planned to do our wills, so between the $225 and the copays, I think we got all the documents for less than $400.

A second way to make it cheaper is to do it yourself. I know there is software called WillMaker from Nolo press. It guides you step-by-step through the process, is much less expensive, and completely legal. Assuming you don't have anything really complicated going on in your financial life, this makes a lot of sense.

PRICEPLUS · #4 (**permalink**) 03-24-2005, 12:43 AM

I went to the local law library. (Open to the public courtesy of your tax dollars)! I found the New York Forms and I did mine myself. A substantial savings!