Do I have the right to access or handle my spouse’s financial affairs?

Being married does not give your spouse the ability to make financial decisions for you, such as accessing your IRA.  In order to grant your spouse or another trusted individual those rights, you must set up a durable power of attorney (DPOA).  A DPOA is important as it can give an individual of your choice the right to handle your financial affairs, plan for Medicaid, etc.  While the DPOA becomes effective the moment it is executed, the DPOA is especially useful in the event that you become unable to make such decisions yourself.  The specific powers which you grant to your power of attorney can be designated in the document you set up.  They can be extremely specific, such as granting a person the right to sell your home, or broad, such as granting a person the right to conduct banking transactions.

If you do not have a durable power of attorney set up or would like an old DPOA reviewed and updated, contact our office at (941) 906-1231 to meet with one of our estate planning attorneys.