Can I choose more than one person to be the agent under my power of attorney? While you work on creating an estate plan that best suits your needs, your attorney may advise that you consider executing a power of attorney. This document appoints someone else to have the authority to act on your behalf. Depending on the type of power of attorney that you execute, this power may be effective immediately and may not expire until you terminate it. For that reason, it is important to choose the right person to fulfill the role of agent, also known as attorney-in-fact.
Tips for Picking an Agent for Your Power of Attorney
In some cases, it may make sense to appoint a backup agent as well. Caution must be used before naming a backup agent because the power granted under this document is so important. The agent can essentially do anything that you can do, including withdrawing or spending your financial assets. However, it is not always advisable to name co-agents to serve together, as issues may arise when trying to use the power at banks or other financial institutions. If you do opt to appoint co-agents, it is essential that you decide whether they can act separately or if they must act together in making decisions involving your affairs.
Who might make a good choice for an agent or backup agent under a power of attorney? Someone who has the following traits may be a good candidate:
Can I choose more than one person to be the agent under my power of attorney? Whether you are ready to make your final decisions and officially create your estate plan or are just starting out learning about the various documents, we are here to help. We encourage you to contact us to see if we can be of assistance. Send us an email today!