Financial representative

There are several types of financial representatives you might choose to set up. For example:

  • Executor of your will or estate
  • Trustee of a living trust
  • Financial power of attorney (POA)

In general, power of attorney works while you are alive and an executor/trustee works after you pass.

They do not need to be lawyers or financial professionals but because they will be acting on your financial behalf, they should be trustworthy adults.

Ask permission of the people you wish to represent you. Its a big commitment. Be sure to explain how/where they can access needed information (such as your everything file or legal documents). Also explain how they can access needed funds while you are alive and/or after you pass. This might be through your emergency fund, as power of attorney, etc.

It is not enough to ask permission of them. Your financial representatives must be legally established through the proper legal paperwork.

Things a financial representative might take care of in case you can’t:

  • Access financial accounts
  • Locate your assets
  • Pay bills
  • File taxes
  • Handle financial problems
  • Distribute your assets (as executor of your will)
  • Deal with the probate court
  • Contact people associated with your financial affairs or estate
  • Etc.

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