For anyone approaching retirement age, you should start thinking about who you would designate as your power of attorney for both your personal and financial matters. If you haven’t already set one up, you need to consider exactly what your wishes would be for both situations.
What is a Power of Attorney?
A power of attorney (POA) is someone who has the legal authority to speak and act on your behalf. When going through the estate planning process, it’s essential to determine what type of power of attorney you need. The two main types are a conditional POA and a durable POA. A conditional power of attorney means that your designated person needs to prove you are incapable of making decisions for yourself. In comparison, durable power of attorney is when your designated person can act on your behalf immediately without having to prove you incapable of making decisions for yourself. For this reason, you must choose someone you trust and who has a good relationship with your family.
Things to Consider When Choosing a Power of Attorney
When determining the person who can speak for you, in case you can’t. It’s essential to pick someone you not only trust but also someone younger, who lives nearby, and is assertive enough to make tough decisions on your behalf. This is likely to be one of the most challenging decisions you’ll make in your life. Think about your medical treatment options or financial well-being. Whatever is important to you, make sure you clearly outline your directives to make it easier for your power of attorney to execute your wishes.
Choosing More Than One Power of Attorney for Different Areas
Whether you are choosing a medical power of attorney or financial power of attorney, it’s important to note that you can appoint more than one person. However, to avoid any complications, it’s best to appoint people who get along and can work together. Depending on the extent of your medical or financial matters, it may be in your best interest to spread that responsibility between a couple of people to oversee your estate jointly.
Let our team help you find the right power of attorney for your estate. Call our office to schedule a consultation.