Power of attorney is a big responsibility, so take care about who you choose. This person will be in charge of overseeing your legal and financial affairs if you become too ill to make decisions or pass away. They will deal with all the issues associated with resolving your estate, such as asset and property distribution, satisfying creditors' claims, and paying taxes. Below is a brief primer on how to decide who should have this role.
A person who holds a power of attorney title should be trustworthy. In the wrong hands, someone in this position could do lasting damage to your legacy, as they will have access to your funds and savings. Select someone who will be mature, fair, and exude professionalism when dealing with attorneys and probate courts. Knowing how to competently and skillfully navigate these interactions will ensure a seamless process.
Responsibility & Understanding
Some of the accounts a power of attorney will be responsible for include checking and savings, retirement and 401(k)s, and life insurance. A dependable, level head is needed to effectively oversee these funds and orchestrate payouts and disbursements. Select someone who has had no major issues with their finances and, in general, manages their money well.
Moreover, your power of attorney should not only understand their duties but also your wishes and preferences. Having a good sense of your values and ethics allows them to adequately carry out requests after you're unable to do so. For example, a power of attorney often has the right to make health-care-related decisions on your behalf if you are too ill to do so. In such cases, it’s important to ensure the person you entrust can make such grave choices according to your principles and convictions.
John E. Bach, Attorney at Law, has been helping clients draw up powers of attorney for more than three decades. He serves individuals throughout the Goshen, NY, area in all aspects of estate planning, offering quality guidance through every step of the process. He’ll protect your rights and best interests. Call (845) 294-7941 or visit him online to schedule an appointment today.