Undeniably, choosing a durable power of attorney is one of the most significant, if not the most significant part of estate planning.
Undeniably, choosing a durable power of attorney is one of the most significant, if not the most significant part of estate planning. When you pick a durable power of attorney, you assign an agent who will make legal and financial decisions on your behalf if, unfortunately, you become incapacitated. Not to get this term confused with a healthcare power of attorney. Under a healthcare advance directive, a healthcare power of attorney is responsible for making medical decisions on your behalf. Here are some decisions that you’ll have to make when you choose your durable power of attorney.
Deciding Who Your Durable Power of Attorney Should Be
Like with a healthcare power of attorney, you’ll want to pick an agent you can trust. You should appoint a responsible person who will have your best interest at heart. They should have the time and organizational skills to take care of things such as paying bills, guiding investments, and handling any legal issues that could come into play. Typically, people pick family members, but a trustworthy friend is an excellent option as well. Some people choose their accountants. It all depends on who you find dependable.
Choosing an Alternate
It matters that you choose an alternate agent because if your first agent cannot serve, it gives you peace of mind having a backup. When you select an alternate, being detail-oriented is necessary. You’ll want to ensure that your document is very clear about when an alternate takes over and what evidence they’ll need to present when using a power of attorney. Otherwise, banks and financial institutions may deny them access to your accounts.
Deciding Whether to Choose Multiple Agents or Not
Choosing multiple agents isn’t always the best decision for many reasons. However, if you opt for this, there is a method to the madness. When choosing multiple agents, you’ll want to divvy up their financial tasks in a way where they can execute them on their own. It can be cumbersome to wait around for someone to sign a check or document. If you choose multiple agents, pick people who get along and don’t have any communication issues. An example where there is more than one agent is when a parent has multiple children.
If you’re someone who always thinks about their future and their legacy, but you don’t know where to begin regarding estate planning, call Millman Law Group today. We make estate planning easy.
An Estate Plan Made Easy With Millman Law Group
Millman Law Group, PLLC is rare because it’s one of the only law firms that offer life planning in South Florida. From life care planning to the preparation of detailed estate plans, Millman Law Group has committed to serving Floridian elderly communities in Boca Raton, Palm Beach County, Ocean Ridge, Hillsboro Beach, and many other areas since 2018. Our dedicated team also specializes in special needs trusts and catering to any age demographic because we know for certain it’s never too early to start preparing you and your family for your future. For the latest news in estate planning and elder care law, follow us on Facebook, Twitter, Linked In, and Pinterest. You can also contact us at 561-463-6480.