In a recent post, we looked into considerations related to revoking a power of attorney. By making sure that you have identified the right person from the start, you may be able to avoid this situation. In this blog, we will go over a number of issues related to finding the right person to take on the responsibilities of serving as power of attorney and some of the characteristics you may want to look for.
For starters, it is crucial to find someone you truly trust. Not only should a power of attorney be fully capable of representing the best legal and financial interests of a person, but they should also have a clear understanding of what the person values. Moreover, they should be fully aware of all the responsibilities they are taking on and some of the potential hurdles that may arise down the road. You may also want to find someone who pays close attention to details and a background in finance may be beneficial as well.
Sometimes, people think they have identified the best candidate but are not sure if the person is ready to take on this role. As a result, it is important to talk with someone about the ins and outs of the responsibilities they would take on and make sure that they are ready. There are many different legal considerations to review with regard to naming a power of attorney and our wills and trusts section goes over some other factors you may want to review.