Having a durable power of attorney in place can bring you peace of mind like you might not even be able to imagine it capable of providing. When you have a durable power of attorney in place, you can rest easy knowing your agent has the power to manage your fairs should you me unable to do so yourself. You can spare your loved ones the stress of running around trying to put a conservatorship or guardianship in place to help ensure your affairs continue to be managed during the incapacity.
A durable power of attorney allows you to select a person you trust to manage your affairs. This often involves managing financial matters. The fact that a power of attorney is durable means that the power granted to the agent will survive the incapacitation of the principal. This means there will be someone to oversee your personal matters even in the event that you are unable to manage them for yourself. Much of this peace of mind you get from having a durable power of attorney in place, however, hinges on your selection of the right agent. Not just anyone should be selected to serve in this role. Take the time to think it over and weight some key considerations.
Choosing a Financial Agent for Your Durable Power of Attorney
So, putting a durable power of attorney allows you to select a trusted individual as your agent. This means the first thing you should consider in selecting your agent is whether or not your candidate is someone you trust. To have trust in a person to serve faithfully in the role of agent, it is likely that you are going to want someone who is both organized and responsible. These qualities will prove invaluable to anyone serving as a financial agent under a power of attorney. You will also want someone that you respect and with whom you feel comfortable handling sensitive, personal matters on your behalf.
Location can also be an important factor in selecting a financial agent under a durable power of attorney. While you may only wish for your agent to manage affairs that can be done so virtually, there may be other tasks to accomplish that require it to be conducted in person. If there are in-person tasks to be managed, then you will likely want a local agent as opposed to one that would need to travel to execute their responsibilities under the power of attorney.
You may also want someone who is well-versed in the financial work or at least someone who has experiences managing financial matters. After all, an agent is likely to be tasked with the management of everyday financial issues. They are also likely going to need to balance immediate financial issues with your long-term financial needs and goals. Financial savvy is likely to also serve your agent well in their role of managing your financial affairs.
Estate Planning Attorney
From wills, to trusts, to incapacity planning, the estate planning team at BoyesLegal, APC is here for you. We provide sound legal counsel to our clients who are estate planning to protect themselves and their loved ones into the indefinite future. Contact us today.