Choosing the right person to act as your durable power of attorney is one of the most important decisions you’ll make regarding life after retirement. Since this person will be making important choices for you, it’s important to take the time necessary to know you have the right person.
Choosing the Right Power of Attorney
Your power of attorney may be making important medical or financial decisions for you. These decisions could include choosing the right assisted living or memory care facility or selling assets and taking care of final expenses. You want to make sure you’ve chosen the best person. Use the following guide to get started:
1) Trustworthy
This may seem like a no brainer, but there’s nothing more important than trust when choosing your power of attorney. You want to know they’ll keep your best interest at heart. You’ll want to know you can trust them in any and every situation. They will determine some of the most important decisions for you. Make sure you can trust them with your life.
2) Competent
The person you choose to be your power of attorney needs to have the intellectual capacity to handle every situation that could arise. This requires a level of business acumen and financial and medical knowledge. They need to be comfortable and skilled collaborating with attorneys, doctors, accountants, and anyone else necessary to execute your wishes.
3) Local
Ideally, you can find someone in the same town. If not, choose someone as close to you as possible. This will become crucial when the time comes for decisions to be made. When something comes up, you want them to be accessible to you as soon as possible.
4) Age Considerations
Age is another important thing to consider. If you choose someone who is much older than yourself, you risk them predeceasing you or becoming incompetent themselves. You also don’t want to choose someone who is very young. A young person lacks the kind of life experiences necessary to make some of the decisions that will need to be made. Home ownership, medical experience, and experience with the legal system are some examples.
5) Your Representative
The person you choose as your power of attorney will be your representative. They will be making decisions in your stead. Not only do you need to be able to trust them with your life, but you also want to make sure they know you well. They need to know your desires, preferences, medical choices, and final wishes. They need to be dedicated to making sure all your wishes and desires are carried out completely.
Have Peace of Mind
Knowing you’ve chosen the right person to handle all your major decisions is a great comfort. You can have the peace of mind knowing everything will be taken care of as you would have it done. Use this guide to choosing the right power of attorney to get started.
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