You want to protect your assets, even when you are gone. Thankfully, estate plans are helpful tools for parties to use to designate specific assets and their distribution.
Consider a few essential elements to orchestrate the proper care of your estate, such as the power of attorney. When picking your power of attorney, you should keep in mind a few important things:
Qualifications
As with any executable designation, a power of attorney must meet all the requirements in accordance with the law. This includes being in writing, having the proper signatures and containing certain information. To execute the power of attorney, you may select an agent who meets the most recent legal requirements. Such requirements include being at least 18 years old, or a financial institution.
Agent characteristics
Essentially, the agent acts as the estate holder at times when the estate holder cannot fulfill the duties. Therefore, the agent should be someone you trust and understands and respects your wishes. It may also be beneficial to select someone who has experience or specific knowledge in the area you designate the agent over.
Possible powers
Along with considering the characteristics of the power of attorney you choose, it is also important to consider the type of power of attorney that is right for your situation. There are a few options to choose from, including:
- Health care power of attorney
- Financial power of attorney
In some cases, people may choose to designate the same party for different powers. However, it is possible to select different agents for separate powers.
Keeping these factors in mind can help you designate a proper power of attorney, as well as the appropriate agent to support it. This is not a quick decision to make, so take your time, and trust your instincts to find the best choice for you.
