A power of attorney is a document that gives someone else the ability to take certain legal steps on your behalf. You can authorize someone to make legal decisions, financial decisions, medical decisions and much more. If you become incapacitated, then this person takes over to make crucial decisions when necessary.
But how do you choose the right person to give this power to? Below are a few things to keep in mind.
Complete trust
First and foremost, you need to choose someone that you trust completely and that you believe will make decisions with your best interests in mind. You are giving them an incredible amount of power over your life, and you must know that they are dependable and that they have integrity.
Willingness to take on the responsibility
Next, it is important to talk to the potential agent in advance. Explain what you will need them to do, when it may apply and what types of decisions they will have to make. Ask them if they are even willing to take this on or interested in having such a responsibility. They may have to make very large decisions, such as determining what type of medical care you will receive or if you should be kept on life support, and not everyone feels comfortable being given that type of authority.
Availability
Finally, you need someone who will actually be available if an emergency situation arises and you are incapacitated. It is often a good idea to pick a family member, such as one of your adult children or a spouse. It may also be a good idea to select multiple agents so that there is a backup in case someone else is not close enough or is not available at the correct time.
As with other aspects of estate planning, setting up a power of attorney is something that should be done carefully and well in advance. Make sure you know what legal steps you will need to take.