With Memorial Day just behind us and 4th of July coming up fast, it’s an easy time to feel patriotic and reflect on what these holidays are really all about. Beyond the barbeques and shopping trips, these occasions should include acknowledgment for those in the armed forces who gave their lives in service of this country, and who serve today to keep all of us safe. This hits close to home in Maine in particular, since proportionately, we have more veterans in our state’s population than nearly every other state. We are of course grateful and appreciative of these soldiers and their families, who sacrificed so much, as well as the veterans and active members of all branches of the military who are still in service.
Thinking about these courageous men and women serving our country, we can’t help but want to offer a quick word of advice to help them and their families avoid financial challenges while they are away from home – perhaps even overseas on another continent. One thing that most folks in active duty probably don’t put at the top of their to-do list when preparing to leave home, but should be mindful of, is establishing a power of attorney to make sure that loans, mortgages, investments and other money matters are taken care of and paid attention to.
A power of attorney is a document in which you state that you give someone else (often a relative or friend) the authority to make certain decisions and act on your behalf. Particularly if you or someone in your family is going away for an extended deployment, establishing a power of attorney can make sure that someone is authorized to deposit your checks in the bank or pay your bills, sell property if need be, enter into contracts on your behalf, or even pursue insurance claims and legal actions. Certain bank branches can also provide power of attorney services for specific functions – including stepping in and taking action on your behalf in cases of financial fraud or debit card compromise.
So if you or someone you care about is in the armed forces, encourage them to speak with their bank and look into this. With all the other stresses, challenges and concerns that come with active duty, questions about how you’ll protect yourself from fraud need not be one of them.
