A power of attorney is an extremely crucial part of the estate planning process. This legal document plans for your incapacity or inability to make vital decisions on your own. If you were to become gravely ill, lose consciousness following a car wreck or slide into a coma after surgery, who would make decisions for you? Well, the answer to this question is in your power of attorney (POA).
A power of attorney allows you to designate an agent who will make financial or medical decisions for you if you become incapacitated. But how do you choose an agent for this role?
Finding the right Power of Attorney
Basically, a power of attorney is someone you can count on when a crisis strikes. Here are two questions that can help you find the right person for this role.
How easily can you reach them?
Ideally, you want an agent that you can reach on short notice. For this reason, it helps to have a power of attorney that lives close to you. If you designate an agent who lives in another state, or who frequently travels abroad, it might take them a long time to get to you when you need them, and by the time they do, it might be too late.
Are they trustworthy?
Trust is a big deal when it comes to designating someone to make critical decisions on your behalf. Thus, it goes without saying that you need someone you can absolutely trust to act in your best interests at all times. Suppose you are seriously ill and you need someone to sell property on your behalf, you will expect your POA to take the right steps and ensure that the transaction is completed as smoothly as possible.
Your best interests first
A power of attorney is basically a benefactor who is ready to step in and make decisions on your behalf when you cannot do so yourself. Find out how you can appoint a power of attorney who will act in your best interests.
