Have you made the important step to begin establishing an estate plan? If so, congratulations on taking this important step towards protecting your best interests and those of your family members in the face of an otherwise uncertain future. Part of this process will involve selecting individuals to assume roles of responsibility in a number of contexts. For instance, you will need to choose a personal representative who will be tasked with overseeing the administration of your estate after you pass away. You will also likely need to select at least one person to serve as agent under one or more powers of attorney. You see, there are a variety of powers of attorney that you can establish in your estate plan.
One such power of attorney is a durable power of attorney that will allow you to appoint an agent to oversee and manage your financial affairs in the event that you are unable to do so for yourself. This kind of power of attorney can be invaluable if the principal were ever to become incapacitated and need someone to oversee their financial affairs without the need for the court to appoint a guardian or conservator, which can take substantial amounts of time and money to accomplish.
It is important, however, to take care in selecting your financial agent under this kind of power of attorney. The agent will be tasked in assuming important responsibilities which can have significant impacts on the principal’s financial future in both the short term and long term sense. Here, we will discuss some of the things you should consider in choosing the financial agent for your durable power of attorney.
What to Consider in Selecting Your Durable Power of Attorney Financial Agent
There are, of course, a number of considerations you should take into account when selecting the financial agent for your durable power of attorney. Such considerations may include:
- Are they local? If you want your agent to be able to conduct business locally and not just online, then you will likely want to select an agent that lives in your area.
- Are they available? A financial agent can have a number of important tasks to manage. As such, it is important to select an agent who does not already have an overflowing plate. You want someone who will be able to set aside time to assume the responsibilities of the role as seamlessly as possible without being too overwhelmed.
- Are they trustworthy? Choosing someone you trust may be one of the most important factors to consider in this selection process. The agent has critical responsibilities regarding your finances. They are tasked with managing deeply personal matters that can have far reaching consequences for your continued financial well-being.
Estate Planning Attorney
For assistance establishing everything from your will, to trusts, to powers of attorney, you can count on the team at Verras Law. Contact Verras Law today.