When you establish any kind of power of attorney as the principal, you will need to select an agent who will assume the authority granted to them under the power of attorney. One important kind of power of attorney is the durable power of attorney. The durability characteristic of this power of attorney means that the power will survive the incapacitation of the principal. This, in turn, means that the agent will be able to manage the affairs detailed in the power of attorney even if the principal should be incapacitated and unable to manage said affairs for themselves. Most commonly, perhaps, the agent under a durable power of attorney is tasked with managing the financial affairs of the principal. This is an incredibly valuable service especially when you consider the fact that the agent can seamlessly assume these duties without the need for court intervention as would be necessary if a guardianship or a conservatorship needs to be established.
The Importance of Choosing the Right Financial Agent for Your Durable Power of Attorney
When you think about the circumstances under which a financial agent of a durable power of attorney would assume their responsibilities as well as the nature of the responsibilities themselves, you can clearly see that choosing the right financial agent is critical to maximizing the effectiveness and goals behind the power of attorney itself. There are a number of important factors to consider when choosing your financial agent. Let’s take a look at some of them.
For starters, you may want to consider whether or not you want an agent who is local to you. While many financial matters can be conducted virtually these days, there are some that must be performed in person or ones that you would prefer to take place in person. As such, a local agent may be the best way to go.
You will also want to select someone who is trustworthy and responsible. After all, the agent will be tasked with managing personally sensitive and financially critical matters. They will need to keep both your short term and long term financial interests and goals in mind as well. Because of this, it may also be a good idea to consider selecting an individual with experience in handling financial matters. At the very least, they should be able to remain organized and punctual in things like paying bills and other expenses on your behalf.
Minnesota Estate Planning Attorney
Are you looking to establish a comprehensive estate plan? Start by talking to the dedicated estate planning team at Unique Estate Law. We can help make sure your estate planning goals are met and protected. Estate planning is too important to put off a moment longer. Contact us today. From within Hennepin County Unique Estate Law represents clients throughout Minnesota, including Minneapolis, Bloomington, St. Louis Park, Minnetonka, Wayzata, Chanhassen, and Excelsior.