Recently, a woman called after her husband had suffered a severe heart attack. To her shock, she discovered that she couldn’t access their savings account because her husband was the only one named on it. Despite being married for over 12 years, she wasn’t able to transfer money to pay their bills. He had always handled their finances, and now, in a moment of crisis, she found herself with no access to the funds they relied on to keep their household running.
Many people believe that as a spouse, you automatically have the right to access your partner’s accounts or manage finances if they become incapacitated. However, this isn’t true unless specific legal authorizations are in place. Without them, even long-time married couples can find themselves unable to access essential funds when they need them most.
In this situation, the wife found herself in a bad financial predicament. With no legal authority to manage the accounts, she couldn’t pay their bills, cover medical expenses, or even access the money her husband had worked so hard to earn. The unfortunate reality is that without a Power of Attorney or being named as a Co-Trustee on a trust, a spouse may be forced to go to court to obtain conservatorship, which is a lengthy, expensive, and stressful process.
If only she had reached out sooner, we could have put the right documents in place to protect her during this difficult time.
This situation IS preventable. By establishing a durable Power of Attorney or a living trust, both spouses can ensure that if one of them is unable to manage their finances, the other will have the legal authority to take over without complications or delays.
Please contact AmeriEstate; we can help ensure you’re fully protected, so you never have to face this type of situation during an already stressful time.
Book a free consultation by calling 800-235-0963 or clicking this link https://tidycal.com/virginiaameriestate/estate-plan-15
