Choosing an Agent as your Power of Attorney

Choosing an Agent as your Power of Attorney

By now you should know that when you receive a power of attorney to authorize someone to execute your choices in case you fail to do so, you need to find the proper person to whom the authority would be bestowed. As a principal, you should find your agent or attorney-in-fact. He/she does not need to be an attorney. The agent might be just about anyone. Nonetheless, you have to be very careful when selecting a representative for your power of attorney.

The agent you would designate for your power of attorney would assume specific responsibilities and duties. Most importantly, the person should always act for your best interest. By this, it indicates that the agent you are appointing should always intend to follow your instructions. He or she should be 'fiduciary.' Thus, that individual must invariably act with the largest possible degree of good faith on your behalf.

Your agent still has the freedom to do whatever he/she likes to do although he/she is supposed to always make choices for you. The law mandates the person to use your money and assets only to uphold your benefit. But he/she could freely make several inappropriate acts with regards to your cash. That's why it extremely important to choose and appoint an individual whom you fully trust. You ought not to appoint just about anyone. Before you pick out a broker of an attorney-in-fact for your special power of attorney, it would be preferable to ask yourself the following questions first.

Do you trust the person?

The best thing you ought to establish is trust on the individual you are appointing as a representative. Regrettably, trust is something earned in time. You have to make certain the individual you select is trustworthy.

Does the individual truly understand how you feel?

He/She should know you as well so as to understand your own points of view and opinions. If you believe that person really understands your emotions, you could be certain he/she would follow and stay on your own personal wishes whenever you get incapacitated.

Would the person be prepared to spend time to handle your affairs?

We're all busy. Perhaps, the person you are appointing as your attorney-in-fact might be busier than you are. It is important that the individual be in a position to spend much time to address your affairs and work just for you. If not, you would be in trouble.

Is the individual easily available?

Appoint a broker or attorney-in-fact who is easily accessible or available. This is to make certain he/she would always be there in instances of emergency. The person need not be personally show attend to your errands day in and day out but at least he/she ought to be easily contacted through the phone.

Does the person know about handling finances?

You are entrusting your money and assets to the individual. It is essential that you appoint an agent who is well skilled and expert in handling and managing finances. If he/she is not, at least he/she should be prepared to seek proper aid from the experts. Your power of attorney would give the individual the authority to deal with your financial affairs. Make sure you are entrusting it to a prudent and wise person.

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