One of the tasks you should complete when making your estate plan is to name a power of attorney for your financial and legal affairs. They can step in to handle your affairs if you are unable to look after them yourself due to injury or illness.
The position comes with a lot of responsibility so it is crucial you choose the right person. But what does that look like?
Someone you can trust
You certainly do not want to give the role to someone whose integrity you have doubts about. You need to be certain (or as certain as you possibly can) that this person will act in alignment with your wishes and not abuse their position to defraud you or your family.
Someone with the necessary skills
You need someone with a decent level of organization and ideally some experience in the sort of tasks the role might involve. For instance, you might trust your son, but if they are only just 18, they probably have never had to do much legal or financial paperwork, compared to say your older brother who runs their own company and owns their own house – both of which will have involved various numerous financial dealings.
Someone who has the availability
While your 18-year-old son might not have the experience for the role now, they may well do in say twenty or thirty years, when you are at the age where you expect you might need a power of attorney. Your older brother may be dead or past it then.
Geographical location can also play a factor. If you did nominate your son, and they emigrated to the other side of the world where the clocks are 12 hours ahead, that could make it much more difficult for them to fulfill the role.
With appropriate guidance, you can make an appropriate choice and document that choice in your estate plan. Remember, as with most of your estate plan, you can update your choices if things change.
