A power of attorney can protect you and your estate if you become unable to make decisions for yourself. It is a handy tool, but in the wrong hands, it can be dangerous. You should be careful and cautious when choosing the agent for your power of attorney. Knowing what you’re giving the power of attorney is critical, as well!
Our trusted Albany estate planning attorneys at Bailey, Johnson & Peck, P.C. can help.
Trust
Above all else, you should trust your agent completely. This is someone who will have complete control over your life, so you have to be able to trust that he or she will make the same decisions that you would make or at least make good decisions on your behalf. You need to know he or she will not misuse the power.
Openness
Ideally, the person you choose should be someone with whom you can be completely open and honest. You need to discuss every potential situation and your wishes. The person should be able to handle talking about serious issues and situations that could occur and be willing to seriously consider what he or she would do in those situations.
Power
Despite knowing the person well and being completely confident he or she will handle the power properly, you should also take time to determine how much power you wish to give your agent. There are some things you may wish to leave to legal documents, such as your will. For example, you may not want to give the agent the power to sell property you own. The power you grant is your last defense to protect yourself and your heirs from an agent that does not act according to your wishes.
