Who Pays Your Child's Needs Should You Become Incapacitated?
Summary: Your child needs financial protection should you become incapacitated because of sickness or injury. Your spouse could be barred from accessing your individual bank account without a court order. What happens if you and your spouse are both incapacitated after a devastating vehicle collision?
Your child needs financial protection should you become incapacitated because of sickness or injury, according to attorney Robert Schaller. Your spouse could be barred from accessing your individual bank account without a court order. What happens if you and your spouse are both incapacitated after a devastating vehicle collision? How would the mortgage or rent be paid? Who would make the car payment? How would your child afford the essentials of life if your money is “locked up” in your bank account and inaccessible? Who would pay for food, clothes, medicine, housing, childcare, etc.? It could cost $2,245 + and several weeks to get a court order granting somebody permission to act on your behalf.
A better strategy is creating a durable power of attorney for property to ensure someone you pre-selected is empowered to access your funds to pay your child’s needs, and to manage your finances when you are unable. No court authorization is required to grant your pre-selected “agent” permission to access your bank account should you become incapacitated. Instead, your agent could take immediate action to protect your child, and access the money needed to get the job done. No cost and no delay.
Attorney Robert Schaller believes that good parenting requires you to remember the importance of protecting your child’s financial future should something catastrophic happen to you. Nobody plans to be incapacitated. But accidents, cancer, and other diseases do happen, and good parenting requires you to protect your child with advanced legal preparation through the Schaller Law Firm’s “New Parent Child Protection Plan.”
Choosing Your Financial Agent:
Advanced estate planning today can give you peace of mind – knowing that if something incapacitating were to happen to you, your child and family would be protected. The Schaller Law Firm can give you peace of mind by drafting a “power of attorney for property,” which provides for your pre-selected agent to manage your accumulated assets (bank and brokerage accounts, cars, house, insurance, education funds, etc.) on behalf of your child and family while you are incapacitated. Your assets can be properly managed and used to provide income, support, maintenance, and education for your child should something happen to you. This is a key component of the Schaller Law Firm’s “New Parent Child Protection Plan.”
By drafting your “power of attorney for property,” you get to designate an agent who you trust to manage your financial affairs while incapacitated. Typically, a spouse would be the first choice followed by a financially responsible family member or friend. Your agent can act on your behalf in any way you could act. No court action. No court expense. You can even change agents at any time by amending or revoking the power of attorney. This is one of the most essential tasks any parent should do, and you should do it as soon as your child is born.
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