What To Consider When Choosing A Power Of Attorney
Choosing a power of attorney is not a decision you should take lightly. The person you choose to be your power of attorney has a tremendous responsibility to act on your behalf if you cannot do so.
You can tailor how your power of attorney is structured to an extent, but the person that you select should be someone you trust. They may be responsible for paying your bills and handling your investments. So, who should you choose to be your power of attorney?
Levin Law Group has helped countless clients in New York by setting up a power of attorney. Our law firm can assist you with this decision as well as many others that can impact your life. We will set you up with a power of attorney lawyer who is both knowledgeable and experienced.
In this blog, we want to explore some factors to consider when choosing a power of attorney.
Someone You Can Trust
Trust is the most crucial consideration when deciding who your power of attorney will be. This person will make decisions for you when you cannot make them for yourself. Make sure to choose someone you know will have your best interests at heart.
Many people choose family members, such as spouses or adult children. However, a power of attorney’s responsibilities may be too much for a family member to handle.
Whoever you end up choosing, make sure you can trust that individual to carry out your wishes as you see fit.
Someone Who Can Be Objective
As stated above, there may be situations where a close family member is not your best choice. The dynamics of your family may factor into your decision for power of attorney.
If you have children or close family members who disagree with each other, you may want to select a neutral third party. If you have family members who cannot be objective or who may create conflict when acting as your power of attorney, this can cause problems that strain an already strenuous situation.
Take your time when compiling a list of candidates. Make sure that they can stay level-headed and impartial when making choices on your behalf.
Someone Who Is Qualified
Make sure that you choose someone who is qualified to make the decisions that need to be made on your behalf.
A close family friend who has a background in business or investing will be better qualified to handle your finances. A family member who has gone through this with another family member will have some experience making tough decisions.
There is a lot to consider, so choose wisely. No matter who you select, find someone who you believe is qualified to make certain financial decisions on your behalf.
Someone Who Is Close To You In Age
While this is not always necessary, age can play a factor in choosing a power of attorney.
You do not want to select someone much older than you because they may, unfortunately, pass away before you would need them. You also do not want to pick someone much younger than you, as they may not have the wisdom or qualifications to make decisions for you.
Someone close to you in age will have had similar life experiences, and will not be at an advanced age where you have to worry about outliving them.
Someone Who Is Nearby
When you enter a situation where your power of attorney needs to act, time may be of the essence. Choosing someone who lives in close proximity may make it easier to make quick decisions, especially for healthcare decisions.
If your power of attorney lives in a different town or across the country, they may not be able to arrive in time to make decisions on your behalf. Try to select someone who can get to you in a reasonable amount of time should you need their aid.
These are just a few factors you should consider when choosing a power of attorney for yourself. A law firm like Levin Law Group can help you plan things out and make the right decision. The assistance of a power of attorney lawyer can prove to be invaluable.
If you live in New York or the surrounding area, contact us today to set up an appointment and speak to a lawyer today!