When you create your powers of attorney, you must select someone to act as your agent. This is an important part of the estate planning process and yet, many people view naming an agent as an afterthought after completing their will and trust documents. However, naming your agent in your powers of attorney needs to be viewed as just as important as creating a will.
Selecting the wrong person to represent you could lead to consequences you did not intend, and if you are not careful, financial disaster. If you choose the same agent for your financial power of attorney and healthcare power of attorney, selecting the wrong person could result in even larger consequences.
When you choose your agent, make sure you select someone you trust and who would put your interests first. For your financial power of attorney, this person should be someone who is good at managing money and has a reputation for being responsible. Although most people choose their spouses as their financial agents, this is not always the best move if the marriage is on shaky ground or if one spouse is poor at money management.
When selecting the agent for your healthcare power of attorney, select someone who will be committed to protecting the quality of your life and ensure the later years of your life are spent in good comfort and care.
You can also work with your estate planning attorney to customize your power of attorney documents according to your needs. For example, you can choose one agent to manage your daily finances and appoint another to manage your investment portfolio.
If you want help with this process, reach out to our law office today. We have extensive experience helping our clients with powers of attorney, and we can provide the customized, knowledgeable experience you are looking for.