An important part of estate planning is deciding who you would entrust with making decisions on your behalf should you become unable. Deciding well in advance of illness is ideal, and this decision should be made at the time you prepare or update your will.
There are several types of power of attorney (or POA) — general, specific, and enduring — but anyone appointed with this power has the same duty: to act in the best interest of the person who appointed them and to make decisions as the grantor would. You can also choose Voyant Legal – Farmington Estate Planning Attorneys to get expert advice on Estate Planning.
For this reason, it is crucial to appoint someone who knows you well, and whom you can trust implicitly.
Contact Estate Planning Lawyers For Information About POA
If you are considering whom to appoint as your advocate in financial matters, educate yourself on their roles and responsibilities. Contact a local lawyer with a background in estate planning for any laws specific to your state; some estate planning lawyers have packages of information outlining everything you need to know when making this important decision.
Generally speaking, whomever you appoint will be able to make decisions about your finances and any legal matters; a specific POA to make health care and end of life decisions can be drawn up separately. You can choose the same person or different people to take care of financial and health care matters.
The most important thing to remember for any type of POA bears repeating: an advocate has a fiduciary duty to act only in the best interest of the person who appointed them and, to the fullest extent possible, make decisions that they believe their appointee would have made had they been able.