As someone who has significant assets, it makes sense that you want to do anything you can to pass those on to your heirs. Part of the process of passing on your assets includes finding someone to appoint as your financial power of attorney during life if you need them to step in.
Your financial power of attorney is a person who becomes an agent to work on your behalf. They are meant to act as your representative in financial matters and to make sure your financial needs are taken care of in the case that you can no longer manage your own affairs.
Selecting someone to take on the role isn’t always simple. Here are three tips for selecting the right candidate.
- Choose someone who wants what’s best for you
The first thing to remember is that your financial power of attorney has control over your finances once they assume the role. You need to be sure that the person you select has your best interests at heart and does want to do what’s right for you and your estate.
- Choose someone with an understanding of accounting
The person who you select will need to make sure your bills are paid and that your income is protected. They complete all financial transactions, so it’s important to be sure that they understand the role, how to manage your accounts and how certain purchases or changes could impact your estate.
- Choose a person who isn’t afraid to ask for help
Finally, don’t make the mistake of selecting a financial agent who won’t ask for help when they need it. If they don’t understand something or aren’t sure about how to access certain accounts, then they need to ask for help.
Establish your financial power of attorney to protect your interests
These are three tips that may help you select the right person as your agent with financial power of attorney. This may be a difficult decision, but you’ll want to have at least one person in place to take over this role in the case of your incapacitation.