Creating an estate plan is an important step to ensure loved ones are provided for and your interests protected after your passing. Including a power of attorney in this plan will put someone in charge of making decisions on your behalf. This is a big role that comes with great responsibility. Utilize the below do’s and don’ts to help you select someone. 

Do: 

Select someone you trust. 

Whoever you select to be your power of attorney will have access to all your financial accounts and be given the ability to legally sell assets on your behalf. This is why it’s imperative to appoint someone you are confident can competently handle your finances. It helps to know if their own financial situation is stable as well.

Work with an estate lawyer. 

It’s important that your power of attorney is drafted right the first time. Making even the slightest mistake can cause the court to question your document’s validity and open up the possibility for family members to challenge your decision. Working with an experienced estate lawyer can help prevent this from happening. 

Don’t:

Feel pressured when granting authority. 

You are under no obligation to give your power of attorney authority over all possible decisions that might arise. If you’re uncomfortable granting one person a great deal of power, you can separate duties between more than one individual. This involves designating a different health care proxy and executor for your will. 

Procrastinate.

No one knows when tragedy may strike, making it critical that your power of attorney is completed long before you actually need it. One of the most common mistakes people make when estate planning is procrastinating because they believe they’re too young or healthy for anything to happen to them. 

Following these tips will help you avoid picking the wrong person to act as power of attorney. When it comes to making a decision as vital as this, residents of Cincinnati, OH, rely on Lance S. Cox for help. For more than three decades, he has assisted clients with all of their estate planning needs, making sure their documents are error-free and executed properly. Contact his practice at (513) 528-6000 or visit him online to learn more.