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How should you choose agents for power of attorney?

On Behalf of | Apr 18, 2023 | Estate Planning |

A power of attorney is a document that gives agency to another person to make decisions for you if you become incapacitated. There are two main types of power of attorney to draw up: financial and medical power of attorney.

When choosing agents for your power of attorney, you may not want to use the same person for both roles.

Financial power of attorney

Your financial power of attorney designation could be someone close to you or you could choose an investor or financial advisor. The financial power of attorney is similar to the executor of the will, He or she needs to act on your behalf if you cannot make financial decisions for yourself. The agent can access your accounts, make investment decisions and pay your bills. While you can give your financial POA agent broad power, you can also set boundaries and be specific. For instance, you can say that the agent can access your accounts to pay bills but cannot make investments on your behalf.

Medical power of attorney

The medical power of attorney agent should be someone you trust personally with your healthcare. If you become incapacitated, there may be various procedures or care you do not want. The agent can talk to the doctors and make decisions for you. That person should be able to handle high-stress situations, particularly the difficulty of handling a loved one’s medical care.

The person you choose for either document needs someone you trust will uphold your values and honor your wishes.