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What to Consider When Appointing a Power of Attorney
Writing a will is one of the most responsible duties anyone can undertake for the care of his or her personal life. However, appointing the right Power of Attorney to handle your affairs while still alive is also incredibly important. Why? Stevens & Company Law Corporation is here to help you understand.
Perhaps you foresee an absence in your future and you’re leaving the country for an extended period of time. Or maybe you fear becoming incapacitated due to illness and want your affairs protected. In any case, you need to have a trusted individual to assist. The attorney you choose will have ample authority over your property, finances, and potentially your medical care. Therefore, there are key considerations when appointing a Power of Attorney.
The ideal Power of Attorney must be available when required. He or she must be capable of making objective decisions on your behalf. Naturally, you want someone who will act in your best interests and maintain accurate records of financial transactions or other particulars. Thereby, he or she should be organized and possess sound financial management skills. In the case of investments, he or she should absolutely have the knowledge to deal with your assets.
Still, you may appoint a close relative or friend as your trusted POA. He or she will have the authority to make medical and financial decisions on your behalf and communicate with health care providers. Consider all of these vital factors before making an informed decision.
Careful communication with family members helps minimize conflict if anything happens to you. The attorney you choose will be authorized to manage your affairs. This should negate family squabbles over controlling your assets.
Additionally, your distinct family dynamics may be upheld by assigning a trusted advisor. Doing so should avoid infighting among disgruntled siblings or other family members. Consequently, you may wish to avoid appointing one family member over another if it may result in hurt feelings or jealousy. Lower strains on family relations and choose a neutral person outside the family in such a case.
Alternatively, you may have one particularly reliable, trustworthy family member that everyone seems to go to in times of need. This person may be the person everyone agrees on to delegate as your Power of Attorney.
The person you select must be someone you trust implicitly. He or she will have total authority over your financial and legal affairs, depending on restrictions you may specify. Other qualities your chosen attorney should have include dependability and honesty.
You want someone who will steer clear of any conflicts of interest. He or she must be capable of acting to keep your property and money separate from their own.
Emphatically, choosing the best Power of Attorney to suit you is crucial. Doing so will ultimately give you peace of mind that your best interests will be looked after in the event that you cannot.
Contact our Parksville law office with any further questions or concerns you may have regarding your choice of Power of Attorney.