Who Needs A Power Of Attorney?

“Everybody needs a power of attorney, even married couples. I think married couples assume that they have this automatic power to do financial transactions on behalf of their spouse, but that is not the case in Phoenix or any other state. A power of attorney is going to allow you to appoint an agent to handle your financial affairs when you are unable to.

For example, your spouse could handle a bank account because you are jointly on it. There are some assets that are jointly owned that a spouse cannot handle, specifically a home. Even if both spouses were on the title to a home here in Phoenix, they would not be able to sell the home without a power of attorney stating that the spouse could sell the home.

Even if there were other assets like a retirement account or life insurance, a spouse could not manage those assets on behalf of their spouse without this document. If they don’t have this document in place, then they are forced to have to file guardianship, which is an expensive and timely process. This is something that they don’t want to do when they’re going through this emotional situation, to begin with.”