NEW YORK (Reuters) – If you live in the United States and really want to be prepared for coronavirus, experts say you need a fully executed power of attorney, which designates a trusted person to take over your finances should you become incapacitated.
This is not something most people want to consider right now – or ever, for that matter.
“It always felt expensive, and it’s not fun to think about your mortality,” said Heidi Schoeneck, a 47-year-old divorced mom from Connecticut, who recently completed a will online and plans to heed the warning to get the rest of her paperwork done.
A financial power of attorney is the most useful document because of the possibility that you could be put out of commission for weeks if you fall ill and are unable to take care of your financial affairs. It is followed closely by healthcare directives, which express your wishes about medical care and who gets to make decisions for you, and a will, which distributes your assets after you die….