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When does someone become a Power of Attorney (POA) for someone? It is when a person is alive but unable or unwilling to handle financial obligations. This obligation terminates once a person designates another person to be their Power of Attorney or can manage their financial responsibility or the person dies.
When becoming a Power of Attorney, you must understand a person’s income, assets, and liabilities. You also need to understand how everything is listed. Is it listed in the person’s name or a Trust name?
Homeowner’s/Property Insurance for each address
Auto Insurance for each car
Long Term Care
Life Insurance (list all policies)
Health Insurance (primary and excess policy(s) if applicable)
Money Market Account(s)
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