Ep. 7 - Understanding The Power of Attorney: Protecting Your Finances
Welcome to another episode of the Good Steward Law and Wealth podcast, hosted by Ledly Jennings. In today’s episode, Ledly dives into the critical topic of Power of Attorney, explaining why it is essential for everyone over 18. He breaks down the two primary types of power attorney, healthcare and financial, and why having separate documents for each can be beneficial. Ledly also emphasizes the importance of making your power of attorney specific to avoid common pitfalls and provides an example of why generic statutory forms may not fully protect your wishes. For example, if you want someone to step in if you're incapacitated, transitioning from a basic to a durable Power of Attorney is crucial. Don’t miss this episode – Protect your future.
IN THIS EPISODE:
- [00:25] Ledly discusses the necessity of a Power of Attorney, and there are two main types of Power of Attorney: healthcare and financial
- [1:09] Ledly defines the different kinds of power of attorney and why multiple forms are advantageous
- [3:42] What are the advantages of having separate documents, one for healthcare and one for financial
- [4:38] Discussion of a statutory power of attorney and an example of why they need to be specific
- [8:41] Ledly outlines some common pitfalls
- [10:34] Discussion of having multiple people in succession in your power of attorney, and when your child reaches age 18, you cannot sign for them unless you are their power of attorney
KEY TAKEAWAYS:
- Everyone over the age of 18 needs a power of attorney.
- If you want a power of attorney to step in if you are incapacitated, it will change from a basic to a durable power of attorney.
- States supply a form for assigning a power of attorney; however, these forms are generalized and don’t protect your wishes.
RESOURCES:
GUEST BIOGRAPHY: No Guest
ABOUT THE HOST:
Attorney Ledly Jennings, founder of L. Jennings Law, specializes in protecting legacies and ensuring smooth transitions of personal and business assets. With offices in Arkansas, his firm offers expertise in estate planning, elder law, probate, and business planning. With a J.D. and MBA, plus valuable experience at Stephens, Inc., the state's largest investment bank, Ledly serves high-net-worth clients and family businesses statewide.
#EstatePlanning #FinancialPlanning #PowerOfAttorney #HealthcarePowerOfAttorney #FinancialPowerOfAttorney #DurablePowerOfAttorney #StatutoryPowerOfAttorney #LegalProtection
