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Many individuals are under the impression that a well thought out will is all that is needed to assure the long-term security of their families in the event of an untimely death. Many of these individuals would be surprised to learn that carefully selecting a power of attorney, that can manage issues as needed while still alive, may be of even greater importance.
Power of Attorney Defined
A power of attorney is someone that will act on behalf of the individual and tend to pertinent matters such as finance and medical care in the event the individual becomes incapacitated and is unable to act on his or her own. This position comes with much power as well as responsibility; deciding on the right power of attorney is of great importance. Individuals that are considering appointing a power of attorney should concentrate on four key issues:
Trust
Trust is the single most important factor in this decision-making process. Individuals should be certain the power of attorney chosen truly has their best interests at heart.
Age and Location
It is best for the power of attorneys to live near the individual in case situations arise that will need their immediate attention. It is also important that the candidate not be of an advanced age that makes them more likely to become deceased before the individual, or too young to possess the life experiences they will need to draw upon to fulfill the role.
Capabilities
Careful attention should be paid to the intellectual ability and financial understanding of candidates for power of attorney. Even when all other qualities are present, a power of attorney without the financial literacy to properly manage finances is a poor choice for your power of attorney.
Family Situation
Every family has conflicts among its members. The ability of individuals to get along with family members should be taken into account when considering them for power of attorney duties.
What to Do
The proper selection and implementation of a power of attorney is a complex matter that can have life-altering consequences for a number of people. A skilled and competent attorney should be consulted to help with this matter.
Our trusted and skilled Fairfield NJ estate planning attorneys at Faloni Law Group possess the necessary expertise to execute all things pertaining to estate planning. Individuals in need of these services should contact Faloni Law Group for a private consultation.
The post 4 Tips for Choosing the Right Power of Attorney appeared first on Faloni Law Group.
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