If you have grown children and want to involve them in your estate planning, you might discover that they don’t share the same vision for the future as you do. In fact, your children may fight over which one should hold your power of attorney (POA).
Fortunately, you can sort it all out to your satisfaction if not theirs. You have to do what is best for all concerned — and your wishes are primary here. If you are at a loss whom to choose to represent you once you are unable to do so, below are some tips for appointing powers of attorney.
Choose multiple powers of attorney
The numbers-cruncher child who would be a whiz at managing your finances once you no longer are able to handle your own affairs could dither over medical decisions during an emergency when minutes count. In such a case, it might be best to appoint one adult child as your medical power of attorney and another to handle your finances.
Both powers of attorney must work together, however. For instance, your medical power of attorney may decide on a course of treatment or residential facilities that require the durable power of attorney to loosen the purse strings. If that POA balks, the two could find themselves at loggerheads.
Select a non-relative to handle everything
You may not be able to trust that your adult children will be well-equipped enough to adequately carry out your intentions. It is possible to name a close friend or legal representative as power of attorney for your affairs. Discussing your options thoroughly with a knowledgeable advocate can help you reach the right decision for all your estate planning goals.