Scenario: My husband suffered a stroke and now the bank will not let me access his IRA account! I thought, as his wife, I automatically could access his account. I guess I was wrong...

Many people assume that being a spouse automatically gives you the legal authority to manage your partner's financial and medical affairs. Unfortunately, this isn't always the case.

Check out our quick video about the importance of a POA & Living Will here:

What a Will Covers—and What It Doesn't

A will is essential for distributing your assets after death, but it doesn't address what happens if you're alive but unable to make decisions for yourself. Without additional legal documents, no one—not even your spouse—has automatic authority over your accounts, property, or medical care. This can lead to frustrating roadblocks during an already stressful time.

How a Power of Attorney Helps

A power of attorney (POA) is a legal document that allows you to appoint someone to manage your financial and legal affairs if you become incapacitated. For example, with a POA, your spouse could access your IRA to ensure bills are paid and manage other financial needs. Without this document, they may have to go through a time-consuming and costly guardianship process to gain control over your finances.

The Role of a Living Will

A living will, or advance healthcare directive, outlines your medical preferences if you're unable to communicate them yourself. It also allows you to appoint a healthcare proxy who can make medical decisions on your behalf. This ensures your wishes regarding treatments, life support, and end-of-life care are followed and spares your loved ones from having to make difficult decisions without guidance.

The Risks of Not Having These Documents

Without a POA or living will, your family may face:

• Delays in accessing critical funds: Financial institutions won't release funds without proper legal authority.
• Uncertainty in medical care: Without clear instructions, family members may disagree about your treatment.
• Costly court proceedings: Guardianship or conservatorship proceedings may be required to appoint someone to manage your affairs, adding stress and expenses during an already difficult time.

Plan Ahead to Protect Your Family

A comprehensive estate plan should include more than just a will. By adding a power of attorney and a living will, you ensure that your family can act on your behalf and honor your wishes without unnecessary legal hurdles. Don't leave your loved ones guessing—speak with an estate planning attorney to create or update these critical documents today.

As always, navigating legal matters can be complex and requires the guidance of competent legal counsel to protect your rights and interests. Don't leave important matters to chance—retain reliable legal counsel to guide you every step of the way!