Creating a power of attorney involves a variety of difficult decisions, which may cause you to procrastinate doing so. This is not unusual; Forbes reports that almost half of American seniors do not have any kind of estate planning in place, which may leave their families struggling to decide who will act in their best interests if they become incapacitated.
One of the most crucial decisions to make as you prepare your estate planning documents is deciding who will be granted power of attorney. The one or more individuals you choose will then take control of making medical and/or financial choices on your behalf. There are several different factors you can consider when electing this position.
Trustworthiness
Almost any adult can act as power of attorney for you, but it is wise to choose someone you can trust without question. An adult child who demonstrates his or her loyalty and honesty, your spouse, or a trusted attorney can all serve in this capacity. If you want to implement a sense of balance, you can choose two trusted individuals who will work together to manage the most important decisions on your behalf.
Dependability
When you make a list of possible candidates for power of attorney, you may want to consider how dependable each has been in the past. The person you choose will take on many responsibilities, including working with your doctors to ensure you receive proper medical care and looking after your finances.
A small percentage of Americans have medical or financial directives in place. While it may be difficult to make these choices, it can help prevent confusion and turmoil if you become unable to care for yourself.