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Who should you name as power of attorney?

by | Mar 15, 2022 | Estate Planning |

While most people think of the estate plan as something that they’ll only need if they pass away, there are components that come into the picture if you become incapacitated. Two of these are the powers of attorney (POAs) for medical care and the one for finances. 

You must ensure that you choose the right people to do these duties. There are a few characteristics that you should think about when you’re trying to decide who will make medical or financial decisions for you when you can’t make them for yourself. Here are the characteristics your POAs should have:

They must put your wishes ahead of their own

The person you choose for these duties should be able to make decisions based on what’s best for you and what you’d want. They should be able to put their own thoughts and feelings aside to do what needs to be done according to your wishes.

They must be able to withstand pressure

The people who have the power of attorney over your decisions will need to be able to stand firm about what you’d want. They can’t let anyone push them around if that person’s wishes go against what you may want or what is best for you in your POA’s estimation.

They must be responsible

The person who has power of attorney over your finances can make all financial decisions you’d normally make. They need to be fiscally responsible to do this. 

A power of attorney is only one part of your estate plan. This person makes decisions for your finances, health care, or both if you become incapacitated. If you pass away, the financial decision-making powers transfer to the person who’s administering your estate. Having individuals appointed to these positions can give you peace of mind and will help your loved ones if something happens to you.