Selecting an Agent For Your Power of Attorney
A power of attorney (POA) is a legal document that allows you to give a person of your choice, also called an “agent”, the authority to manage your finances or make healthcare decisions for you. Selecting an agent for your power of attorney can be a difficult decision. The following are some factors to consider when deciding on your agent for your power of attorney.
When deciding on your agent, it is important to first understand the purpose and duration of your power of attorney. Generally, a power of attorney is created to allow the agent to carry out some set of tasks on behalf of the principal or act on behalf of the principal. The power of attorney will state in the document for what period the power of attorney will be in effect. A “durable” power of attorney stays in effect even if you become incapacitated. The durable power of attorney is a common estate planning tool that allows the creator to plan for incapacity. In some instances, a power of attorney may be drafted for a specific purpose, outside of general estate planning. These powers of attorney may not be durable and will only grant the agent limited authority to perform a particular act.
Powers of attorney may grant the agent immediate authority to act on behalf of the creator or contain provisions for “springing authority.” Springing authority grants the agent authority to act only upon a declaration of incapacity. If the creator regains capacity, the agent loses their authority to act on behalf of the creator.
When selecting an agent, it is important to choose someone who you can trust to act according to your wishes. It is often wise to select someone who knows you on a personal level, such as a spouse, child, parent, or close friend. When the agent is familiar with you, it provides them with context to act according to your best interests and wishes.
Consider the Following when Selecting an Agent For Your Power of Attorney:
- Does the proposed agent live nearby?
- Does the proposed agent have religious or other beliefs that would prevent them from carrying out your wishes about health care?
- Is the proposed agent in good health?
- Is the proposed agent likely to outlive you?
- Does the proposed agent know your personal values and wishes?
- Do you trust the agent to make the “right” decisions for you?
The list above highlights just a few of the factors that you should consider when selecting an agent. Overall, it’s important to select someone you trust and who will be physically and mentally able to act. It is also recommended to name multiple successor agents on the power of attorney so that if the first choice is not available, someone you trust may still act on your behalf.
In the important decision of selecting an agent for your power of attorney, trust and reliability are paramount. Your agent should not only understand your wishes but also be in a position to carry them out effectively. At Naimish & Lewis, we recognize the significance of this choice. Our experienced attorneys specialize in estate planning and can guide you through the process, ensuring that your wishes are safeguarded. Don’t hesitate to reach out for expert assistance in drafting a power of attorney and crafting a comprehensive estate plan. Your peace of mind is our priority. Contact us today to learn more and take the first step towards securing your future.
