No matter your age, having a will in place is a good idea. When it comes to carrying out the wishes in your will, however, designating a power of attorney is just as important. By having a better understanding of what a power of attorney is and how to choose somebody to act as a power of attorney, you can make sure all your bases are covered.
What is Power of Attorney, Anyway?
Specifically, a power of attorney refers to a written document where you authorize somebody to make decisions on your behalf after you pass away or are otherwise unable to make your own decisions. A power of attorney can do things like pay bills on your behalf, manage your investments, and carry out aspects of your will or estate plan.
What many don’t realize, however, is that there are actually two different types of powers of attorney. A non-durable power of attorney is a temporary agent whose authority may only be permitted for a specific transaction. A durable power of attorney, on the other hand, is a permanent assignment.
What to Look For When Choosing a Power of Attorney
As you can imagine, choosing a power of attorney is one of the most important things you can do when it comes to estate planning. The person you select to act as your power of attorney should be somebody who will respect your wishes and ensure that they are carried out appropriately.
With this in mind, a great power of attorney doesn’t always have to be somebody who is close to you or even related to you. Ultimately, it all boils down to trust. If you can’t trust a person 100% to do what you wish after you no longer have a say, then they won’t be a good power of attorney.
Another important characteristic to look for in a power of attorney, however, is an assertive personality. The process of carrying out your will and/or estate plan may require a lot of unwavering decision-making and confidence. Ideally, your power of attorney should also be somebody who lives in close proximity to you. This is especially true if you’re appointing somebody as a power of attorney to make medical decisions on your behalf.
The Legal Team at Beasley & Ferber is Here to Help
No matter who you end up selecting as your power of attorney, the most important thing is to make sure that they’re aware of your choice and willing to serve in this vital role. After all, acting as a power of attorney can be a stressful duty that requires a lot of time.
Looking for more help in creating your will and/or estate plan? Our team at Beasly & Ferber has you covered. With practice areas ranging from estate planning and probate administration to Medicaid planning and more. we know a thing or two. Get in touch with our office today to schedule a consultation or learn more.