There are many misconceptions regarding estate planning, including the fact that many people assume a Will is the only estate planning document you need to establish. While a Will is a beneficial document, you’ll find that there are a number of other tools that can help provide you with peace of mind for the future, like establishing a Power of Attorney. However, one question many have regarding this is whether or not they can appoint more than one agent to serve in this role. If you’re interested in appointing two or more individuals, you’ll want to keep reading. The following blog explores what you should know about these matters and why working with a Medina County, Ohio Power of Attorney lawyer is in your best interest.
What Is a Power of Attorney?
When you grant someone Power of Attorney, you grant them legal permission to make decisions on your behalf, typically regarding finances or healthcare matters. For example, the agent you appoint can make decisions regarding investments or what medical treatment you should receive. Because these matters are incredibly important, it’s necessary to understand that you can place terms and conditions regarding the extent of their power.
One option is to create a springing Power of Attorney, which becomes active in the event you become incapacitated or otherwise unable to communicate your wishes. You can also create a durable Power of Attorney, which will take effect immediately.
However, you can also appoint someone to this role for a short period of time if you want them to manage your finances while you travel or deal with a minor, acute health issue.
As you can see, appointing someone to serve as your Power of Attorney is not a decision that should be made lightly, as this role carries a considerable amount of responsibility. You should only appoint someone trustworthy and reliable.
Is It Possible to Appoint Two or More?
If you’re ready to begin estate planning, you may wonder if it’s possible to appoint multiple agents as your Power of Attorney. If you wish, you may have multiple individuals serve in this capacity. This can offer flexibility, as you may want your daughter to handle the financial aspects of your life while letting your son make medical decisions on your behalf. While this is ideal in theory, you’ll find that having multiple POAs can complicate matters. For example, both agents must agree on all matters left to their determination. If there is conflict, it can cause delays and even potential court battles. As such, naming multiple agents is generally not recommended.
When you are ready to start estate planning, connecting with an experienced attorney is in your best interest. At Krause Law, our team understands how difficult these matters can be, which is why we are committed to providing you with the best legal advice for your circusmtnacves. When you need assistance appointing a Power of Attorney, don’t hesitate to contact us to dusicusss your options.
