Tips on Choosing the Estate Planning Power holders for your Estate Planning Documents (Durable Power of Attorney)
The estate planning power holders or agent(s) designated on the durable power of attorney for financial-related decisions should be somewhat business savvy, or at least have a good sense of financial responsibility. A younger adult child, who has been taking care of their whole life, may not be the best option. However, they could make great alternative power holders on either the second or third levels. Or, you can have co-power holders in instances where one of your children and/or family members is better at medical-related decisions and the other is better at financial-related decisions. Using co-power holder designations allows the power holders to combine their strengths and weaknesses and act in the best manner possible on your behalf (in the event of your incapacity).
As a general rule, the health care designation document may differ in power holders from the durable power of attorney for financial-related decisions. The durable power of attorney, however, should have the same power holders as your last will and testament and/or your revocable living trust since there are similar financial-related functions. Also important is to name individuals who you believe will outlive you, however, you can always change your power holders at anytime you have the requisite signing capacity.
If you are still uncertain as to who to name as your power holders, a complimentary consultation with Yelena Sverdlova, Esq., Managing Member of Capital Planning Law, PLLC ([email protected]) can definitely help with the decision making process and establishing the pros and cons of each power holder option.
Contact Capital Planning Law, PLLC for your complimentary consultation to discuss your estate planning, business law, probate, guardianship and/or real estate needs.