As people age and start thinking about their support needs, they may want to prepare in advance for their legal and financial protection. They may create an estate plan if they have not already done so or may draft new documents to address the challenges they may face in the future.
Powers of attorney allow people to select agents, also known as attorneys-in-fact, to manage their affairs. Agents can pay bills, manage investments and make medical choices for another adult who becomes incapacitated. Choosing the right agent is as important as taking the time to create the document.
Who should hold that legal authority?
There is no straightforward formula for selecting an agent when drafting powers of attorney. Every person’s circumstances are unique. Their relationships with others, their possible support needs and even the extent of their resources can influence agent selection.
Choosing someone who is competent and trustworthy is of the utmost importance. People may need to come to the hospital in the middle of the night, making an adult child who lives two states away a questionable choice in some cases.
The demands already placed on the selected agent due to their health, career and family could limit their ability to show up when their support is necessary. People also need to consider the likelihood of their agent experiencing the same emergency as they do. Many people choose someone other than their spouse, as they live together and may routinely travel in the same motor vehicle.
The right agent can provide trustworthy support for people in difficult medical circumstances. Working with an attorney to draft powers of attorney that designate an appropriate agent can be beneficial for older adults and anyone concerned about emergencies.