Powers of attorney signify to the agent who will be taking care of somebody’s estate plan when they are no longer fit to do so or have passed away. This agent will be someone the whole family can trust. The agent has to have the best interests of the family in mind. There can be cases when the family doesn’t approve of the agent that is appointed to distribute the grantor’s estate. There are also cases when the agent doesn’t act in favor of the relevant parties and so is taken to court and removed from the powers of attorney. In such cases, a guardian is usually appointed to take care of the affairs of distributing the assets to the assigned parties.
How to Decide Who Will Be in Charge?
It is tricky to find someone who will have the best interest of all the beneficiaries at heart. Even good people can get carried away when the question involves huge sums of money. Therefore, it is important to choose a close family member who will work in the best interest of all the family members. Perhaps, a close childhood friend who is unbiased because they won’t have any share in the inheritance is also a good idea. Depends on who you’ve known the longest to be good for the job.
Approaching the Conversation
How should you approach the agent that you appoint in the powers of attorney? First meetings should always be in private, so they get a good idea of the situation at hand and don’t feel pressured to respond in a certain way. This should be given time to think about the responsibility at hand. If they accept, then the second meeting should be in the presence of the estate attorney. This will ensure that they understand their legal responsibilities fully and clearly.
Need help with estate planning? Let’s schedule a consultation today!