As you get older, your life changes. You may no longer be able to travel as much or work as many hours in Tulsa, Oklahoma. You or your loved ones may need someone to care for financial and medical affairs if you can’t do it yourself. That’s where power of attorney comes in. As the name implies, this document gives someone authority to act on your behalf should you become unable to do so.
When assigning power of attorney:
- The chosen person should have the right temperament and adequate legal knowledge to handle the responsibility.
- They should be able to communicate and work with others effectively.
- Talk about this topic with your loved ones—they may want to be part of the decision-making process.
- You should ensure they understand what this duty entails and what they can do with it.
- Make sure you have a backup plan if something goes wrong and your appointee can’t or doesn’t want to take care of things.
- Have a durable power of attorney document if something happens to your original.
When appointing an attorney-in-fact, you should ensure that you fully explain what your appointee can and cannot do. You also need to ensure that your appointee acts on your behalf and that they have agreed to do so. Finally, verify that your appointee has the knowledge and experience to carry out their duties properly.
What factors to consider when appointing a power of attorney
When appointing someone to this position, the following factors should be considered:
- The individual’s health and ability to make decisions independently.
- The individual’s wishes.
- The relationship between the appointor and the appointee.
- The objective of a power of attorney (i.e., whether it is for financial management, estate planning, etc.)
- Whether there are any existing powers of attorney in place.
Selecting the right person
When assigning power of attorney, you must ensure that the person you appoint has the right skills and knowledge to handle your affairs. Most importantly, they should have good communication and organizational skills and be trustworthy and reliable.