Power of Attorney – What to Consider

Powers of attorney documents are often misunderstood. This results in many difficulties using them. Here are some simple aspects of a power of attorney to consider when you are having one draw up:

Should it be contingent upon your disability; if so how is this done and proved in order to use it (such as when you give it to a bank); does your attorney in fact (the person you appointed) need to show medical records that you are incapacitated? Do they need to show these to the bank every month to demonstrate you have not gotten better? Consider a durable power of attorney that is NOT contingent upon your disability to eliminate these concerns.
If you are appointing more than one person, should they be appointed together or as alternates? If as alternates, how do you prove the first person is not available to act? Consider appointing all your attorneys in fact at the moment you sign the document to avoid complications.
Gift giving powers-should you give your attorney in fact the power to make gifts, even to themselves? This might seem strange but you might need this Medicaid planning tool to avoid unnecessarily spending down your estate.
Should your attorneys in fact need to act together or can they act independently? Needing each person you appointed to be present at a bank or to all sign any check could be onerous. Remember you want a document that helps you and that works. The emphasis is appointing people you trust and allow them to do a good job for you.
Appoint your spouse and a person of the younger generation. Powers of attorney are used mostly for the elderly and help the children of elderly parents. If you only appoint your spouse its likely when you are older neither of you can truly help the other as required.

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