Consider for a moment that you are traveling through life carrying along all of your “stuff” (a very technical term for your assets), including things like your home, investments, real estate, bank accounts, your car, etc.
If something were to happen in your life and you were to become incapacitated (unable to manage your affairs) or die, who will manage your affairs?
If you become incapacitated, your power of attorney will be able to manage your affairs for you; however what most clients do not realize is that your power of attorney terminates at death. After your death, the only person who can act for you and manage your individually owned assets is your personal representative (known as an executor in some states), who is designated in your Last Will & Testament.
