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Use caution when choosing a power of attorney

On Behalf of | Jul 4, 2022 | Estate Planning

One component of a comprehensive estate plan is naming a power of attorney who can take care of your finances and one who can handle your health care. These are important designations because these individuals will act on your behalf to make decisions if you’re incapacitated.

It’s critical that you think carefully about who you want to give these responsibilities. Choosing the right person can ensure you’re protected when you can’t protect yourself. However, choosing the wrong person could lead to problems for you and your loved ones.

Talk to the person you’re naming

You should discuss your wishes with the person you’re going to name for each type of power of attorney. This ensures they know what you want, and it may help them to make decisions when you can’t speak to them about situations. It’s also a chance for you to make sure they’re going to be able to put aside their own wishes in favor of doing what you’d want them to do.

Try to prevent abuse

Abuse of power of attorney abilities is possible, so you have to ensure that you choose someone who isn’t going to do this. It’s especially important for the financial power of attorney because the person you name can change who has access to financial accounts.

Working closely with someone who’s familiar with these matters can help you to make decisions that are in your best interests. Getting this done as quickly as possible can protect your loved ones since the plan is set while you’re able to make sound decisions.