What to consider when appointing a power of attorney
One consideration people sometimes overlook when estate planning is appointing a power of attorney. It’s something that many think of as only needing to be done when you become unwell, but in fact, the earlier you arrange it, the better.
You can choose someone to have control over your health and welfare as well as your property and finances. It’s a big responsibility and needs to be handed to someone you trust to do the right thing by you.
Here are some considerations you should have when selecting a power of attorney.
Do they know what you want?
Choose someone who knows you well enough that they can make decisions on your behalf in a way that respects what you want.
The individual you ask doesn’t need to be a family member. The important thing is that they’re someone you trust completely.
More than simply knowing what you want, they need to be assertive if other family members disagree.
Where are they located?
Ideally, they need to live relatively close to you. If there’s an emergency or a decision needs to be made in person, they need to be able to get to you quickly.
Do they want to take on the role?
Your power of attorney needs to know exactly what’s expected of them, and they should be willing and able to do it.
It’s never too early to start planning your estate for the benefit of you and your loved ones. Exploring your options with estate planning experts helps you to make sure your goals and wishes are met.