June 13, 2014. When you create either a Financial Power of Attorney or Health Care Power of Attorney, you need to nominate an agent who will serve under the power. This will be the person tasked with handling your financial affairs or making medical decisions on your behalf when you are unable to do so. Selecting individuals close to you is usually the easiest and most reliable method of selecting your agents. Spouses are a good first choice, children a good second. If these options are unavailable, a close friend would also be adequate. However, I should note it is usually best to name only a single individual to act as a given agent under the document at any one time. I should also mention that you should not try to select individuals because you are afraid they would be upset if they were left out. This is especially true for parents naming their children under the Powers of Attorney. The parent will often try to spread the roles around several children, or name several children at once, so that no child feels left out. In this instance, the best person for each role is usually not chosen, leading to complications and indecision later. These roles carry a significant amount of responsibility and do place a burden on those serving, and you are doing neither them nor yourself a favor when you choose them in this manner. As a rule, most people are not in a rush to manage someone else’s bills or make difficult end of life decisions.
So, be particular and choose carefully.
Here are three general guidelines to consider when selecting your agent:
1) Choose someone you can trust.
2) Choose someone who can follow your wishes rather than his or her own when the two conflict.
3) Choose someone who can handle the pressure.
For more information regarding estate planning and how to choose agents under your powers of attorney, contact the Goosmann Trust Law Counsel at info@goosmannlaw.com or call 712-226-4000.