How to Choose the Right Power of Attorney
The power of attorney is a legal term specifically given to a person who can make decisions on your behalf. This person can be given a general power of attorney or be given a special power of attorney. The special power of attorney allows you to give very specific decision-making powers to the person such as financial or medical.
The power of attorney is utilized when you are incapacitated or unable to make your own decisions. This may be due to an accident or you are out of the country. This is why it is essential to choose someone who is qualified to wield your power of attorney.
How do you pick the right power of attorney? This what we recommend.
Knows your Wishes
The power of attorney should be aware of your ideals and wishes. This is why spouses are often chosen to be the power of attorney. They are aware of the person’s wishes and can act accordingly.
- Do you know anyone who knows what your financial, medical and life plans are?
The agent who you assign the power of attorney makes decisions on your behalf. Hence, you need to ask yourself - "Can I trust him/her?" Depending on the power of attorney you assign:
- Can I trust him with my life?
- Can I trust him with my financial assets?
- Can you trust this person to carry out my wishes?
Age and Location
Two more questions to ask is:
- Where does this person stay?
- What’s his age?
If the situation demands a quick response, an individual who is not accessible or out of the country can lead to delays in decision making. Furthermore, a person’s age matters. Avoid someone who is older than you or has a serious medical condition. Pick someone who is healthy and has a long life expectancy.
Whether it is making decisions on your financial assets, your medical health, or other life decisions, the agent should be well-versed in the particular area to make the correct decision for you.
If the person is not an expert, he should be competent enough to assess, understand and make decisions based on the advice of experts.
If you fail to take social standing into account, complex social conditions may paralyze your power of attorney. Children, spouses and other family members may provide resistance to prevent your power of attorney from taking any action you would wish. The power of attorney should not have social friction with your family members and be able to communicate well with them.
When you pick the right power of attorney, take sufficient time to assess who you are going to pick. Speak to the person so that he is well-aware.
Wondering how can you assign your power of attorney? You can do so with a professional legal service that will guide you through the process and help prepare the necessary documents.