Deciding on a power of attorney is not only for the elderly (but that demographic certainly should be making it a priority). Various estate planners work on facilitating this process for their clients. Creating a power of attorney is not really something one can do alone; they are often complex papers, involving a wide range of important decisions.
To help navigate the process, a book has been written on the matter by authors Jonathan Blattmachr and Martin Shenkman. ‘Powers of Attorney: The Essential Guide to Protecting Your Family’s Wealth,’ is an e-book that focuses completely on powers of attorney.
Some of the subjects covered in the book include:
- Who to appoint
- How many agents should be appointed
- Alternates (in an instance in which your agent cannot serve)
- Trust Powers
- Copies and Storage
- Durable (those who survive the incapacity of the principal)/ Springing (when the principal becomes incapacitated)
The authors also advise readers to make a preliminary check with all of their financial institutions where they have accounts to check if they have power of attorney forms.