Have You Chosen Your Financial POA?
Babies born in the summer have more mood swings! This might sound like an old wives’ tale, but it’s true. According to a 2014 study from the European College of Neuropsychopharmacology (ECN), the season you were born in may affect your personality. Summer babies are prone to a condition called cyclothymic temperament, which is “characterized by rapid, frequent swings between sad and cheerful moods.” They’re also more likely to be optimists, as are spring babies. The ECN study delved into the other seasons, too. It found that babies born in the winter are typically more laid-back than their peers, while fall babies are resilient and “show a significantly lower tendency to depressive temperament than those born in winter.” Who knew? It’s not entirely clear where these links come from, but the study’s lead researcher, Xenia Gonda, theorizes that our birthdays may impact our bodies’ dopamine and serotonin production. She’s currently on the hunt for a genetic marker that ties birth season and mood together. Did You Know?
Why and How to Select One Today
The show goes on whether or not you are there to take part in it. There may come a day when you need to pay debts or make important financial or business decisions but are unable to do so because you’re incapacitated or otherwise unavailable. To protect your legacy in those situations, you should establish a Financial Power of Attorney (POA). DETERMINING WHETHER YOU NEED A POA. A POA has the ability to conduct business in your stead. Anyone who is dealing with large business decisions, handling expensive assets, facing deadlines on debts, or caring for dependent children can benefit from establishing one. DRAFTING YOUR DOCUMENT. Your POA document should provide the specifics of the person you have chosen, what powers they will have, the circumstances that must be present for them to execute their authority, and how the POA can be revoked. You, your chosen POA, and a notary public must sign off on the document for it to go into effect. CHOOSING THE RIGHT PERSON. Your POA should be someone you trust with your life, so to speak. They need to be financially savvy and familiar with the matters you need them to deal with. For example, if you manage real estate matters, they should be familiar with real estate contracts and transactions. If you run a business, they should be familiar with the inner workings of your business or at least caught up on the decisions they may have to make for you. If you are paying off debts, they should have access to the necessary accounts and understand the deadlines you have to pay those debts. You are not required to choose a family member or a business partner. Your POA should, however, be accessible if you suddenly become unavailable to make decisions for yourself. If you haven’t chosen your POA yet — or know a fellow business owner, family member, or friend who needs a POA — contact our team. We’ll ensure accurate documents are drafted and the right person is appointed for the job.
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