I talked recently about whether or not you need a Power of Attorney, and my answer was a resounding ‘YES’. The next question is, Who should I name as my Agent in my Power of Attorney?
I know it is scary giving power to someone else. Your agent under your Power of Attorney is usually given the power to spend your money, invest your money and usually to do just about anything you can do yourself.
So, why would you want to give this much power to someone else?
As long as you are competent to make your own decisions, you probably don’t want anyone else to have this much power over your ‘stuff’. But what about the situation when something happens to you? What if you are in a car accident and end up in a coma? What if you get sick and aren’t able to communicate? And for a lot of us, what if you get older and your mental capacity is in question? When those things happen, it’s too late for you to appoint someone.
The problem is that most of us don’t have a crystal ball that tells us when we are going to need to have an agent take over our ‘stuff’.
I’ve always thought that if I have someone that I would trust to do what’s right when I don’t have the ability to know what they are doing, then why wouldn’t I trust them to do the right thing when I’m still able to look over their shoulder?
Who should you name? Someone you trust to do what you would do yourself. Someone you trust to make the best decisions for you.
Sometimes that is a spouse. Sometimes that is a child. And sometimes it is a really good friend or a neighbor.
If this is something you are wondering about, come in and we can have a chat. I may not have all the answers, but I can ask you some questions to help you make the right choice.
Tags: Estate Plan, Estate Planning, Power of Attorney, Virginia