A power of attorney is a legal document that grants an agent the ability to make decisions on your behalf. The most common types of powers of attorney are financial powers of attorney and healthcare powers of attorney. A healthcare power of attorney gives the agent control over making medical decisions that concern you. A financial power of attorney gives the agent authority to make financial decisions in your best interests.
Then, any form of power of attorney gives the agent a great deal of responsibility. It’s essential to select the right person for the job. Here are some important points to consider.
Do they understand the role?
The agent will have to make key decisions regarding your medical care, finances or both. Thus, it can help to choose someone who has at least a basic understanding of the medical process or financial matters. The agent does not need to be a doctor or investment banker, but they should be someone who can ask the right questions and ensure that your best interests are catered for.
Are they willing to take on the role?
You may have the ideal person in mind, but that doesn’t mean they are willing to take on the role. As well as having the required skills, an agent needs to be willing. Ideally, they should also live nearby as they may be called to make snap decisions regarding your welfare. It’s important to approach your prospective agent first before making any final decisions. Discuss your expectations with them and ensure that they want to handle the job.
Setting up powers of attorney is necessary but not always easy. Having legal guidance behind you will help ensure that you have appropriate plans in place.
