Choosing an estate preparation advisor is a crucial step in the process. Here are some pointers to consider when selecting a representative for your Power of Attorney.
One of the most essential decisions you’ll make when establishing a power of attorney is who your representative will be. In this piece, we will describe the word, explain what duties and abilities an agent will have, how to choose one, and much more.
In a power of attorney, you authorize someone (or people) to make choices on your behalf. This individual is referred to as a representative. In a succession planning situation, this person will frequently make these choices when you are unable to do so, such as if you are disabled or have entered a stupor.
That is mainly up to you. With a general power of attorney, you can delegate wide duties to your representative, or more particular ones with a special power of attorney.
For example, you might only want your representative to make medical choices on your behalf. Alternatively, you may prefer to have a separate representative manage your money.
It’s a good notion to designate a second representative when you initiate your power of attorney. If your representative is unable or unwilling to perform the duties you have assigned to him or her, you will have chosen another capable applicant. Also, if your agent dies (or if they notify you that they are uneasy working on your behalf), you should draft a new power of attorney paperwork and designate a new set of main and auxiliary agents.
Because this individual will have formal power to act on your behalf, it is critical that they be trustworthy and act in your best interests. Here are some things to ask yourself about any representative you are considering:
Remember, if you have any doubts about your agent’s reliability or if a conflict of interest develops, you should revoke the agent’s authority to act on your behalf by executing a renunciation of power of attorney document and replacing it with a new one.
