What is a Powers Package, and How Do I Create One?
Below, you will find the basics of our Powers Package. What does it include, who is it intended for, and how do you create one?
What is Included?
A powers package consists of- Financial Power of Attorney, Health Care Power of Attorney, Advanced Care Directive, and HIPAA Release. For customers on our Pay As You Go plan, the package contains the documents for one individual for $125. Customers on our Pro, Team, or Enterprise Subscription can get up to 5 Powers Packages per month for their firm at no additional cost.
Who needs a powers package instead of a Will or Trust-Based Estate Plan?
This is ideal for parents of young adults. i.e., college students and children 18 years of age or older. A Powers Package would be an excellent suggestion. It would give Parents/Guardians the ability to plan for an unexpected period of incapacitation and make decisions on their behalf. Young adults can lease an apartment, open utility accounts, and purchase vehicles. They may already be filing an individual tax return if they are employed. They might be enrolled and have student loans accruing. A Powers Package gives the Parents/Guardians the authority to help maintain these if the young adult cannot do so.
How Do I Create a Powers Package?
Start By logging in.
Next, select Estate Plans from the main menu.
Select +Create New Plan
Select +Create New Plan again and press next.
Answer the Disqualifying Questions.
Select your desired path and press next. We’ll choose Advisor Driven for this example.
Select Powers Plan and press next.
Select your client's marital status and press next.
Work through the following four steps and submit the plan after the client confirms the correct information.
The lead time to receive the prepared documents is 5 business days. You will receive an email when the documents are ready to be signed.
Be sure to review the signing instructions before the appointment. You will want to ensure you have the correct parties present and the appropriate number of witnesses.