Installing someone in a role of trust and authority is an important part of estate planning, but if you give this power to the wrong person, it could cause numerous problems. Think carefully about who you want to install as your power of attorney agent. Your agent can make important decisions on your behalf, and you need to have a high level of trust in this individual to feel confident about the decisions that they make for you.
All too frequently, these situations can go wrong, leaving you or your loved ones paying the price. All too often, the person who was appointed as the agent on the power of attorney gets short shrift in consideration. These agents do take over a portion of your life if you become mentally or physically incapacitated.
Choosing the wrong person to serve, particularly in a financial power of attorney can leave room for many unintended consequences that could be hazardous to both your wealth and your health. If both your medical and your financial power of attorneys are held by the same person, it is also important to think about the potential issues with conflict here.
Furthermore, what happens if your power of attorney agent is no longer able or willing to serve in this role? You need to think carefully about naming a backup power of attorney agent and how you will communicate with your estate planning attorney if that becomes necessary. For more questions about crafting a customized estate strategy for your needs, set aside a time to speak with an experienced lawyer.
A Virginia Beach, VA estate planning lawyer is there to guide and support you through your entire claim.