When making estate planning decisions, one important consideration is choosing someone to act on your behalf if you cannot manage your own affairs at some point later. This decision involves granting someone “power of attorney,” which is a legal document that bestows another person with the authority to make decisions about financial matters, healthcare, or other personal affairs. Selecting the right person for this responsibility is crucial since they will have significant control over essential aspects of your life, including end-of-life care.
Qualities to look for
When deciding who should have power of attorney, there are several important traits to consider:
- Trustworthiness: This is perhaps the most essential trait. The person you choose should be someone you trust completely to act in your best interests and respect your wishes.
- Responsibility: Pick someone responsible and organized. Managing financial and personal matters requires careful attention to detail. A responsible individual will be diligent in making good decisions, keeping records and following through with necessary actions.
- Good communication skills: The person should communicate effectively with you, your family and any professionals involved, such as doctors or financial advisors. Clear communication ensures that everyone understands and honors your wishes and works together to carry them out.
- Understanding of financial matters: If the power of attorney involves financial decisions, it’s helpful if the person has a basic understanding of finances. They don’t need to be experts but should be comfortable handling money and making financial decisions after consulting with experts.
- Availability: Consider someone available and willing to take on the role. They should have the time and energy to manage your affairs, especially during critical times when they must make decisions quickly.
Making the right decision can avoid legal complications and financial mismanagement and ensure people respect your healthcare preferences.
This can be part of an estate plan or an addition to one
An experienced estate law attorney can help draft the agreement, ensuring it is clear and legally sound. They can provide valuable guidance for ensuring your wishes are accurately documented and legally binding. Taking this step can give peace of mind to you and perhaps other family members concerned about the responsibility.