As part of the estate planning process, it’s a good idea to start thinking about power of attorney. This makes sure that you have someone you trust in place who can make healthcare and financial decisions for you when you’re no longer in a position to be able to do so for yourself.
While you may have people in mind that you think you’d like to ask, there might be reasons why you shouldn’t. Here are two reasons why someone should not be your power of attorney.
They don’t want to do it
It might sound obvious but your power of attorney needs to want to take on the role. It’s not an easy one and it isn’t for everyone.
Having power of attorney can result in the need to make difficult, and often unpopular, decisions. It can be a lot of responsibility and the person in place needs to be someone willing to fight for you and what you want – even if it’s not what other people think should happen.
They live too far away
The power of attorney should ideally be located within reasonably close driving distance. You may need their help in an emergency and you should be able to rely on them to do things for you as and when you need it.
If the power of attorney you’re thinking of asking lives a good distance away, they may not be the best person to ask.
It’s never too early to begin estate planning for the benefit of yourself and your loved ones. You may make sure that your plans and intentions are fulfilled by discussing your options with estate planning professionals.