While many people do not like to think about what could happen should they become unable to make decisions for themselves, having a power of attorney is an essential part of good estate planning. Without proper documentation in place, you could run the risk of losing control of your estate and everything you have worked hard for.
When determining who you should name to be your proxy should your health or mental capacity make you unable, it is important to choose someone who you feel will keep your best interests in mind. Here are some of the aspects that should help you make this important decision.
It is beneficial to choose someone who you feel understands you best, it could prove challenging if he or she does not live relatively close to your physical location. When medical decisions must happen on your behalf, you want your power of attorney physically present to speak in person with health care professionals.
Many people choose their spouses, children or other family members to serve as their power of attorneys. While this is not typically an issue, you may want to think about your personal relationship with a potential choice, regardless of whether or not that person is a blood relative. You may find a better option outside of your family.
The person you pick to be your power of attorney should be assertive enough to stand up for you when you can not. Look for someone you would trust to step up and be your voice.
Estate planning is a necessary evil, and power of attorney plays an important role. Make sure the individual you assign to speak on your behalf is the right person for the job.