5 Essential Factors to Consider When Choosing a Power of Attorney

Appointing a power of attorney (POA) is a pivotal decision in estate planning. It involves selecting a trustworthy individual to manage your legal, financial, or healthcare affairs should you become incapacitated. Here are five essential factors that can guide you in making an informed decision.

Key Considerations

  1. Trustworthiness and Integrity: The appointed agent will have significant control over your affairs. Ensure that the person you choose has a strong moral compass and will act in your best interest, even under pressure.
  2. Understanding of Responsibilities: It's crucial that your chosen agent comprehends the weight of their responsibilities. They should be ready to communicate effectively with family members, attorneys, and healthcare professionals to make informed decisions.
  3. Proximity and Availability: Consider someone who lives nearby to handle urgent matters swiftly. Geographic accessibility can play a crucial role, especially in time-sensitive situations requiring a physical presence.
  4. Financial Acumen and Medical Knowledge: While it's not essential for your agent to be a financial expert or a medical professional, a good understanding of these areas can be beneficial, especially if they need to make quick decisions in complex scenarios.
  5. Conflict Resolution and Communication Skills: The agent should be adept at managing disputes and possess strong communication skills. This ensures your wishes are respected and prevents family discord.

Top Companies for Power of Attorney Services

  • MetLife: Known for assisting in the establishment of durable powers of attorney as part of comprehensive estate planning services.
  • Protective Life: Offers key estate planning services, ensuring individuals have a robust durable power of attorney in place.
  • Lee Kiefer Park, LLP: Provides services for executing durable and healthcare powers of attorney, crucial for financial and medical decision-making.
  • Cole Sorrentino: Engages in setting up both general and limited powers of attorney to ensure thorough management of clients' affairs.
  • The Titus Law Firm: A firm focused on empowering clients by establishing comprehensive powers of attorney for health and financial matters.

Selecting the right power of attorney is integral to safeguarding your future. Ensuring that the individual chosen is trustworthy, competent, and ready to shoulder the responsibilities can make a significant difference in how your affairs are managed during challenging times.