The most effective estate plans contain a number of different documents. People draft wills, fund trusts and put together living documents. Powers of attorney can be important inclusions in comprehensive estate plans. They protect adults in scenarios where they become incapacitated.
Those who are unconscious or unable to communicate with others may need someone else to handle their affairs. Financial and medical powers of attorney protect people from scenarios in which they cannot fulfill their responsibilities or express their preferences.
A specific agent or attorney-in-fact can assume power of attorney when the party who drafts the documents becomes incapacitated. What qualifications should an agent or attorney-in-fact possess?
Health is a key consideration
The overall medical state of an agent or attorney-in-fact can directly impact their ability to fulfill their obligations. An individual dealing with major medical challenges of their own might not be available to support another person in an emergency situation. The ages of candidates can also be an important consideration. People usually select younger individuals who are likely to remain healthy and competent for decades.
Ethics and responsibility also matter
Being reasonably healthy is the bare minimum requirement for managing the affairs of another person. The empowered party also needs to be responsible, organized and ethical. The principal drafting the documents needs to trust that the agent they name can follow instructions. They may need to make difficult decisions and assert themselves in a stressful medical environment. They may also have access to financial resources, which the wrong people might abuse. Looking at an individual’s career and personal relationships can provide insight into their ability to fulfill their role as agent.
Consider those with a degree of separation
Many people establishing estate plans immediately turn to their closest loved ones to act as agents in an emergency. However, a spouse, child or parent might sustain injuries at the same time as the principal who named them in their documents. Those in close relationships might travel in the same car and end up injured in a crash, for example. Beyond that, the intense emotions that arise during a loved one’s emergency are also an important consideration. People who are especially close to an incapacitated individual may experience high levels of stress and may have a hard time managing the various responsibilities that come with power of attorney.
Discussing potential candidates with a skilled legal team can help people choose the right people to empower in their estate plans. The selection of the right agent is arguably as important as choosing to draft power of attorney documents in the first place.