After working hard and building wealth, you want to ensure that your assets get distributed the way you want upon your death.
While you may not get classified as one of the few Americans without some form of estate plan, do you have a plan for if a medical condition arises and can longer make decisions for yourself? Naming a power of attorney ensures your wishes also get met while alive. Before picking someone, consider the following:
1. Pick someone organized and detail-oriented
When deciding on who to pick, think about people you consider honest, trustworthy and organized. When the time comes for your power of attorney to take control, you want to ensure that they have a natural focus on the details and can handle the stresses that come with making medical and financial decisions.
2. Consider proximity
Many times, a person chooses a power of attorney based on a relationship. While some people may think the oldest child should get the role, that does not always equate to the best decision. If the person you name lives far away, it may lead to your situation becoming more serious. A power of attorney needs to live close by to ensure they can act promptly when needed.
3. Choose a person willing to learn
While the role of power of attorney does not require being an attorney, financial planner or medical professional, the person should have the capacity to easily learn the basics of those professions. Depending on what situations arise, your power of attorney may need to handle legal issues or help you understand a medical condition as well as ensure your bills get paid.
Aging comes with making some very important decisions, which requires doing some due diligence beforehand.