Your estate plan must accurately reflect your wishes. This includes ensuring you have everything in order in case you become incapacitated. The powers of attorney documents enable the person you choose to make specific decisions for you.
It’s essential that you choose someone who can make decisions based on your wishes and on what’s in your best interests. You should consider two types of powers of attorney: health care and financial. The same person can have both or you can have a different person for each.
Qualities of a suitable person to name on your powers of attorney designation
The person you name on the powers of attorney forms should be responsible. They need to be able to think clearly in stressful situations. If this is a person close to you, they may have to make serious decisions when they’re emotional because they may be reeling from knowing you’re incapacitated.
The person who has powers of attorney for you can make all the decisions you’d typically make. For the financial powers of attorney, the person can pay your bills and buy or sell assets. A health care powers of attorney allows someone to make decisions about your medical care. They work with the medical team, and their choices must align with your established advanced directives.
Ideally, the individuals you name on the powers of attorney forms will live close to you so they can make the necessary decisions when they’re needed. It’s possible to have someone who lives far, but it might be difficult for them to carry out their duties.
Making sure that you have a comprehensive estate plan is essential. This includes having a plan for your assets, but you must also ensure your affairs are handled if you’re incapacitated. Working with someone who understands your goals is beneficial.