Appointing Your Power of Attorney: Peace of Mind for Future Choices.

Legal Q + A

Feb 12

Written By Graham Settleman

From Finances to Healthcare: Deciding Who Speaks for You.

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Appointing Your Power of Attorney: A Guide to Making Decisions on Your Behalf

Life can be unpredictable, and while we hope to remain capable of making our own decisions for as long as possible, there may come a time when we need someone to act on our behalf. This is where the power of attorney (POA) comes in. A POA is a legal document that grants another person, known as your agent, the authority to make decisions for you in specific areas of your life, such as finances, healthcare, or property.

Choosing Your Agent

The most important step in appointing a POA is choosing the right person. This should be someone you trust implicitly, someone who understands your values and wishes, and someone who is capable of making sound decisions in your best interest. Consider the following factors:

Character and trustworthiness: Your agent should be someone you can rely on to act ethically and with your best interests at heart.
Financial responsibility: If your POA will be managing your finances, choose someone who is responsible and has good financial judgment.
Communication skills: Your agent should be able to communicate effectively with you, your family, and medical professionals.
Availability: Choose someone who will be available to handle your affairs when needed.

Types of Power of Attorney

There are different types of POAs, each with its own scope of authority. The most common types include:

Financial POA: This grants your agent the authority to manage your finances, such as paying bills, investing assets, and selling property.
Healthcare POA: This allows your agent to make medical decisions on your behalf, such as consenting to treatment or withholding life support.
Springing POA: This type of POA only becomes effective when you are no longer able to make decisions for yourself.

Creating the Power of Attorney Document

You can create a POA document yourself using online templates or legal forms available at office supply stores. However, it is highly recommended that you consult with an attorney to ensure that the document is properly drafted and meets all legal requirements. Your attorney can also help you choose the appropriate type of POA and tailor it to your specific needs.

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Signing and Witnessing the Document

Once the POA document is complete, it must be signed by you and witnessed by two disinterested parties. These witnesses should not be beneficiaries of your estate or have any financial interest in the POA.

Storing and Communicating Your POA

It is important to keep your POA in a safe place where your agent can easily access it. You should also provide copies to your doctor, lawyer, and any other trusted individuals who may need to know about your POA.

Reviewing and Updating Your POA

Your POA should be reviewed and updated periodically, especially if your circumstances change. For example, if you get married or divorced, move to a new state, or experience a decline in your health, you may need to update your POA to reflect these changes.

Additional Tips

Talk to your agent about your wishes and expectations for their role.
Let your family and friends know about your POA.
Consider naming a successor agent in case your primary agent is unable to serve.

Conclusion

Appointing a power of attorney is an important decision that should not be taken lightly. By carefully choosing your agent, understanding the different types of POAs, and following the proper legal procedures, you can ensure that your wishes are carried out in the event that you are unable to make decisions for yourself.

Remember, this article is for informational purposes only and should not be considered legal advice. Always consult with an attorney to discuss your specific needs and ensure that your POA is legally valid.

Information published to or by The Industry Leader will never constitute legal, financial or business advice of any kind, nor should it ever be misconstrued or relied on as such. For individualized support for yourself or your business, we strongly encourage you to seek appropriate counsel.