There are circumstances where the death of a loved one is so overwhelming, taking care of necessary business might have to be delegated to someone else – this is where the Thrift Savings Plan Power of Attorney (POA) would come into play. There is absolutely nothing wrong with getting help to handle affairs when the task simply seems too much or you might decide the situation would be best handled by a professional.
The Thrift Savings Plan (TSP) has provisions for a Power of Attorney (POA) to be used to represent your account. The TSP Power of Attorney can be used to appoint someone else to act on your behalf. It does not have to be a professional, but someone you trust to handle your affairs and act in your best interest.
The person you designate as your TSP Power of Attorney may handle all of your affairs associated with your TSP, including borrowing or making withdrawals from the account. On the other hand, you might simply want the TSP Power of Attorney to handle certain aspects of your account. The extent to which you want your TSP Power of Attorney to act on your behalf is entirely up to you. There is a Special Power of Attorney Form that is available at the TSP allowing for the designation of your TSP Power of Attorney.
The TSP suggests reading the booklet Court Orders and Power of Attorney to gain a better understanding of the provisions, issues and guidelines and language used for granting Power of Attorney. It is important to understand the process, procedures, your rights and responsibilities and the decision to withdraw a TSP POA.
P. S. Always Remember to Share What You Know.
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