Who Should You Give Power Of Attorney To
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Who you designate as your agent on your financial power of attorney can be one of the most important estate planning designations that you make.
Virtually everyone who puts their legal affairs in order signs one or more powers of attorney. The reason it is so important that you execute these powers of attorney is that if you do not, and you become incapacitated, your family may have to sue you in a courtcontrolled guardianship proceeding. Rather, it's important that you select who you would want to handle your money and your property when you can't, and set up the legal documentation to make it easy for them to do just that.
The appointment you make on your power of attorney is critical. The right person will monitor your assets and accounts closely, and make financial moves that are in your best interest. The wrong person could take you to the cleaners by stealing all of your money from you even though they have a duty to take actions that are only in your best interest.
In most circumstances, married people appoint their spouse as their first agent. And they often adult their adult child or children as the alternate agent on their power of attorney.
The decision regarding who you select to have power of attorney for you is an important one. Choose carefully.
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This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.
Paul Rabalais
Estate Planning Attorney
www.RabalaisEstatePlanning.com
Phone: (225) 3292450
