29/5/2019 0 Comments
You want a durable power of attorney for finances to give each other authority over the assets. This can be a really important benefit should one of you become seriously ill or injured. For instance, you might need quick access to your partner's checking account to pay the mortgage. Without a DPOA for finances, you would have to go to court to prove that your partner was incapacitated and you have control over their assets.
You should both have DPOA for health care to give you both the authority to make medical decisions for each other if either of you is unable to do so. Along with your durable power of attorney, you should have a living will in which you lay down, in detail, your wishes for end-of-life health care. Your doctor and/or health care provider must follow your wishes, so make sure you have them in writing so your partner will also know what your wishes are as well.
Own Expensive Items Together:
If you both purchase expensive items together, it will not leave either of you without these assets if one of you dies. Expensive items would include a car or a home purchased together in joint tenancy with right of survivorship. When one of you passes away, the other will automatically own the property, 100%.
You should put both names on the asset's title document such as your car's certificate of title or the deed to your home.
Name Your Beneficiaries For Your Bank Account And Other Accounts:
In some cases, you and your partner may not have ownership of all your assets for one reason or another. As retirement accounts cannot be shared, you need other ways to make sure the assets that you alone own get to your person of choice when you pass away.
These assets could be investments, retirement accounts, and a bank account that may not pass through your will. To leave these accounts to your chosen person, you need a beneficiary designation form from the bank or account custodian and name whom you want to inherit these assets.
It's very easy to do and doesn't cost anything. If for some reason, later on, you want to change your mind or need to name someone else, just fill out and send another form naming a different person or beneficiary.