How to Choose an Agent for Power of Attorney

How Do I Choose an Agent for Power of Attorney? A Power of Attorney is one of the most important estate planning documents you can have. It allows someone you trust to manage your financial and legal affairs if you become unable to do so yourself, helping your loved ones avoid the time, expense, and stress of a court-appointed guardianship. In this episode of Wealth and Wisdom with Irina, estate planning attorney Irina Shea discusses how to choose the right person to serve as your Agent under a Power of Attorney and the factors to consider when making this important decision. Topics discussed include: • What a Power of Attorney is and when it becomes effective • Why having a Power of Attorney can help avoid a guardianship proceeding • Whether your spouse or adult children are the best choice to serve as your Agent • Why financial advisors are generally unable to serve due to industry conflict-of-interest rules • The qualities to look for in an Agent, including trustworthiness, organization, and financial responsibility • Whether geographic proximity is important for an Agent under a Power of Attorney • Why the Agent under your Power of Attorney is often the same person named as your Executor or Trustee • When it may make sense to divide responsibilities between your financial Agent and your Health Care Representative • Planning considerations for solo seniors who may need to rely on professional fiduciaries Estate planning is not one-size-fits-all. Choosing the right Agent under a Power of Attorney can help ensure your financial affairs are managed by someone you trust if you are ever unable to manage them yourself. To learn more or schedule a complimentary consultation, visit https://www.irinashea.com/our-process To download our companion PDF handout, click here: https://cdn.b12.io/client_media/GZ0cj... Disclaimer: This video is provided for educational purposes only and does not constitute legal advice. Viewing this video does not create an attorney-client relationship. Please consult with an attorney regarding your specific circumstances.