A power of attorney is an estate planning document that you can use to select an agent. You can then give this agent specific tasks.
For example, you can use a financial power of attorney to authorize your agent to access bank accounts, pay your taxes, pay medical bills and things of this nature. You could also use a medical power of attorney to authorize your agent to make healthcare decisions, work with your doctors and even make end-of-life care decisions. So who should you choose?
Key elements to look for
One thing to look for is someone who understands your situation. If they have to make complicated financial or medical decisions, they need to have a good grasp of how the process works and what you would want. It’s best to have a conversation with this person before selecting them to make sure that they fit.
During this conversation, you should also ask the person if they would even be willing. Especially when looking at healthcare decisions and end-of-life decisions, some people find it too emotionally difficult to serve in this capacity.
Finally, remember that emergency situations often lead to incapacitation, which is when a power of attorney goes into effect. This means the person may need to respond quickly, so you need someone who has the ability to do so and who lives relatively close to you and your family.
Choosing the right person to be your agent can give you a sense of security because you know that your best interests will be considered, even if you are incapacitated. Once you decide who you’d like to choose to be your agent, then it’s time to look into all of the legal steps to set up the documentation.