Making Power of Attorney Decisions

documentDeciding 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:

  1. Who to appoint
  2. How many agents should be appointed
  3. Alternates (in an instance in which your agent cannot serve)
  4. Trust Powers
  5. Copies and Storage
  6. Durable (those who survive the incapacity of the principal)/ Springing (when the principal becomes incapacitated)
  7. Gifting

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.