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Personal Finance Terms 101: Power of Attorney

Watch more Personal Finance Terms 101 videos: Subscribe to Howcast's YouTube Channel - Learn what a Power of Attorney means in this personal finance terms video tutorial. Howcast uploads the highest quality how-to videos daily! Be sure to check out our playlists for guides that interest you: Subscribe to Howcast's other YouTube Channels: Howcast Health Channel - Howcast Video Games Channel - Howcast Tech Channel - Howcast Food Channel - Howcast Arts & Recreation Channel - Howcast Sports & Fitness Channel - Howcast Personal Care & Style Channel - Howcast empowers people with engaging, useful how-to information wherever, whenever they need to know how. Emphasizing high-quality instructional videos, Howcast brings you experts who provide accurate information in easy-to-follow tutorials on everything from makeup, hairstyling, nail art design, and soccer to parkour, skateboarding, dancing, kissing, and much, much more. A power of attorney form is a really important estate planning document that's usually just a couple of pages long, and it's a legal document where you designated who you'd want to make legal and/or medical decisions on your behalf in the event that you can't make them yourself. So let me give you an example just to provide some context. Let's say I'm in a car ,accident, and I can't work, and I'm in the hospital care and I'm not really concious for the next couple of months. Terrible situation, happens every day. In that event who am I designated to make medical decisions for me? Is there someone there? Who can pay my mortgage? Who can take money out of my bank account to support my children? All these types of things are handled by a legal, a financial or a medical power attorney form that you've drafted. So, everyone that's watching this, this is part of the basic estate planning, you need to have a power of attorney form in place in case something like this will occur.
Length: 01:13


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