A power of attorney transfers specific power to a designated person in a legally binding document. There are a number of reasons a power of attorney can be transferred to someone else, including certain health, financial, or personal decisions.
Delegating the management of your affairs to someone else is a major decision and should not be taken lightly. When giving another person the legal authority to act on your own behalf it is imperative that you know that person well and there is absolute trust between you both. Choose someone who has the necessary personality characteristics to handle the big decisions or has the experience to do so.
When choosing an attorney make sure that the person you designate has great attention to detail. This person may one day be in the position to dictate the line of care you receive if you fall ill and are not responsive. What do you want them to do if you are in a vegetative state? Certain things that you would want to happen if you were in a specific situation should be discussed with your power of attorney candidate.
Furthermore, your attorney should have a clear understanding of his or her responsibilities and the commitment required to follow through if need be. The duties of a POA are very serious and should be taken as such. When choosing the person, consider whether or not they have the ability to work with lawyers, accountants, or anyone else who may be involved.
If you are involved in a business it is particularly important that you take your time when choosing an attorney. That person may someday be appointed to control your business and financial structures. Appoint someone who has great knowledge of your business and will make decisions that are in your best interest.
When you’re considering giving someone your power of attorney it is very helpful to sit down with that person and have a conversation about all of the responsibilities that come with the position. It’s only fair that the individual has a handle on the scope of matters regarding both your financial and legal affairs. Ideally, you will choose someone who you not only trust but also shares in your beliefs.