Everybody says that you really should give a durable power of attorney to someone so that if you are sick or injured and can't deal with paying your bills, that person will be able to do it.
It's standard advice and you even agree with it. But it makes you so nervous for somebody else to have power over your checking account that you haven't done it.
You may be right -- people get funny when they have unlimited access to somebody else's money -- but that leaves unsolved the problem of what will happen if you get sick.
There are two ways to deal with this problem.
First, you can execute a durable power of attorney that only can be used if your doctor, or anyone else you choose, certifies that you are physically or mentally unable to deal with your affairs. This will take a little time, so there will be a period when bills won't get paid, but most people don't have bills that must be paid instantly.
The other way to deal with it is to execute a power naming somebody -- your spouse, a child, a friend -- as your "attorney in fact" and leave the actual document with your lawyer.
Without the document your attorney in fact can't do anything. Instruct your lawyer, preferably in writing, not to deliver the power unless he or she is personally satisfied that you are unable to manage your affairs yourself.
The lawyer can't use the power. He or she can only stop somebody else from using it. But that means you will have someone protecting your interests who, at the moment your attorney in fact wants to use the power, will check to make sure it's appropriate.
Now that we've solved that problem, don't you think it would be a good idea to go ahead and execute that durable power of attorney?
