Learn How a Power of Attorney Works

What You Should Do

Meet with an estate planning attorney to get a POA in place that will allow your attorney-in-fact to manage your retirement accounts if you become mentally incapacitated. Make it clear to the attorney that you specifically want your agent to be able to manage your IRAs, 401(k)s and annuities so the attorney is sure to include the correct language that will allow your agent to do so.

If you already have a power of attorney but it’s a few years old, ask your attorney to review it and confirm that it will work to manage your retirement accounts. Otherwise, your agent’s hands may be tied during a difficult time.

It’s also a good idea to check with the company acting as custodian for your retirement accounts to determine if it has its own power of attorney form.

If so, complete this form as well and keep it with your general power of attorney.

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