Who Should I Appoint as My Attorney-in Fact Under a Durable Power of Attorney?
The power of attorney selection is a large part of the estate planning process. In addition to a will and medical directive, among other documents, the durable power of attorney is an important part of any estate planning process. It allows someone else to be in charge of your finances.
Needless to say, whoever you choose to be your power of attorney should be someone you trust completely. They will become fiduciary when they are managing your financial matters. This comes with a lot of responsibility.
When choosing an attorney-in-fact for your Durable Power of Attorney concerning your property and financial matters, consider the following:
- Can this person legally act as your attorney-in-fact? An attorney-in-fact must be at least 18 years old and have the mental capacity to make decisions.
- Is this person willing and able to serve? Before you appoint your attorney-in-fact speak with them and obtain their permission.
- Will this person be available? Does this person live nearby or out of state? Does the person have other duties and responsibilities that would prevent him or her from serving.
- Does this person have the necessary skills? This will depend on the complexity of your financial affairs. Make sure the person possesses the necessary skill set to serve your interests.
- Will this person act for your benefit? Do you trust this person to act only in your best interest and not in his or her own interest?
- Will this person be able to handle conflict? Make sure your attorney-in-fact can handle conflict that might arise if loved ones or others disagree about your affairs.
Kevin Miller has extensive experience with the durable power of attorney process. He has been an estate planning, probate, and elder law attorney in Oklahoma City for more than 30 years. Kevin will walk you through the process of selecting the right power of attorney for your needs. If you have questions about estate planning, how long it takes, the cost of estate planning, or any extenuating circumstances required in your estate plan, please contact Kevin here.