In the complex landscape of estate planning and elder law, one of the most significant decisions you can make is assigning an agent under your power of attorney. This legal tool not only empowers another person, the agent, to act on your behalf in critical matters ranging from financial decisions to healthcare, but it also serves as a cornerstone of a well-thought-out plan that secures your future and ensures your wishes are respected.
As a law firm that specializes in estate planning and elder law, we are dedicated to helping you navigate this process with an approach that integrates your legal needs with your overall personal values and life goals. Understanding the roles and responsibilities of your chosen agent is essential, not just from a legal standpoint, but as a fundamental part of your broader life planning strategy.
We want to begin with helping you understand just what a power of attorney is and how it can help you. The power of attorney is a tool in your legal toolkit that grants another person the power to act on your behalf if you cannot. It is critical that this power of attorney be durable in nature. Durability ensures that your power of attorney can act when you cannot and without this provision it cannot be used should you become incapacitated.
The agent you choose under your power of attorney holds a position of immense trust and responsibility. You will want to discuss with your experienced estate planning attorney just what their duties will be. For most of our clients these responsibilities may include:
Acting in your best interest. Agents are legally obligated to act in the principal's best interest, avoiding conflicts of interest and exhibiting loyalty.
Managing finances. This can include paying bills, managing your investments, and handling transactions.
Apply for public benefits. In the event of a long-term care crisis, your agent may need to not only find you the right care but identify a way to pay for it. These important tasks can be included in your power of attorney.
Once you decide to create a power of attorney, the next step is to choose your agent. There is no question that selecting an agent is a decision that should be made with care. You want to consider someone who:
Understands your values and life goals.
Is trustworthy and has demonstrated responsible behavior in the past.
Can handle the duties involved with competence and integrity.
Is willing to take on the responsibilities of being your agent.
In addition, bear in mind that the laws surrounding a durable power of attorney are specific and must be adhered to strictly to ensure the document is valid.
We know this blog may raise more questions than it answers. This is an estate planning step that is too important to leave to chance or use a do-it-yourself approach. We want to ensure your future is protected with a plan that reflects your values and aim to help you feel secure about these things with good estate and long-term care planning. Get in touch with us to chat more about this!
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