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You Have an Estate Plan. Will It Work?

October 5, 2020

From the Next Advisor website

When do you need your estate plan to “go to work” for you? While you may think the right answer is “after I die,” the actual answer is “if I lose the ability to manage my own affairs.”

That means having the right kind of Durable Power of Attorney for Finance drafted and signed. A June 2020 Transamerica Center for Retirement Studies survey found that only 28% of retirees have a financial power of attorney. And many people don’t understand that there are two types of these advance directives; each has very different purposes.

Knowing how both types work is critically important in this COVID-19 environment, just in case you contract coronavirus.

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