What to Consider When Choosing Your Power of Attorney
Selecting a Power of Attorney (POA) is an important decision in planning your estate. The person you choose will have the authority to manage your financial affairs and make important decisions if you become unable to do so. It's essential to take your time and carefully consider the responsibilities and trust involved in this decision.
Important Considerations When Choosing Your POA
Before making a decision, there are some important things to think about. It’s not just about finding someone you trust, but also someone who has the ability and willingness to handle the responsibilities of the role.
10 Questions to Ask Yourself
- Do I trust this person to act in my best interest, even in difficult situations?
- Is this person financially responsible and organized?
- Will this person be able to manage my affairs if I become incapacitated or unable to communicate?
- Does this person have the time to devote to my affairs if needed?
- Are they emotionally stable and capable of making tough decisions under stress?
- Do they understand the legal implications of their decisions?
- Do they have any conflicts of interest that could make their decisions biased?
- Is this person someone who will follow my wishes, even if it’s challenging for them?
- Are they comfortable communicating with financial institutions, lawyers, or other professionals on my behalf?
- How will they handle my affairs if my situation changes (e.g., if I recover from an illness or injury)?
10 Questions to Ask the Person You’re Considering
- Are you willing and able to take on the responsibility of being my Power of Attorney?
- Do you understand what being a POA entails, including financial and legal responsibilities?
- Are you comfortable making difficult decisions on my behalf?
- Do you have the time and energy to manage my affairs if I can’t do so myself?
- How comfortable are you with handling my finances and legal matters?
- Would you be willing to seek advice from financial or legal professionals if needed?
- How will you ensure my wishes are followed?
- Are you willing to discuss and review my decisions with me while I am still capable of providing input?
- Do you have any concerns about taking on this responsibility?
- How will you communicate with me (or others) about the decisions you’re making on my behalf?
10 Questions Your Potential POA Can Ask
- What are my main concerns or values when it comes to my finances and personal affairs?
- Are there specific ways you want me to make decisions about your property or financial matters?
- What should I do if I’m unsure about a decision?
- How would you like me to involve others, such as family members or professionals, in making decisions?
- What would you like me to know about your financial situation or preferences?
- Are there any specific instructions you’d like me to follow if you become unable to communicate?
- Would you prefer I make decisions alone or discuss with others when possible?
- How would you like me to handle emergency situations or unexpected changes?
- Is there anything that would prevent you from being able to make decisions on your behalf that I should be aware of?
- Are there certain things you would absolutely want me to avoid or prioritize in my decision-making?
Choosing the right POA is not just about trust but about making sure that both you and your chosen individual are prepared to take on this important role. By asking the right questions, you can ensure that everyone involved is aligned and ready to act in the best interest of your future.
**For information purposes only. Always consult a healthcare, financial, investing, tax, or legal professional, as this content is not a comprehensive resource on these topics, should not be relied upon, and should not be considered medical, financial or legal advice. No guarantee or any warranties or representations as to the accuracy, applicability, completeness, or suitability for any purpose of the information contained herein is provided.
References
American Bar Association (ABA) –www.americanbar.org
AARP –www.aarp.org
Nolo –www.nolo.com
