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Power of attorney can be invaluable. For example, you could have a stroke with no prior warning signs and not sign your name, which could have serious financial consequences. Enforcing a power of attorney can protect you in such a case.
Therefore, most people should have a power of attorney. You can designate more than one party and indicate whether they must act individually or jointly. For example, you could nominate both children as “attorneys” and indicate that they must consent in order to act on your behalf.
Of course, the person you name has to be someone you fully trust. Usually this means a close and younger family member. If you want, you can assign different responsibilities to different people. For example, you can designate your spouse to make your housing decisions and your son to manage all of your financial affairs.
You may not want to give a family member control of your wealth while you are still in command of your faculties. To allay these concerns, volatile powers of attorney are recognized in many states. These powers only take effect when certain events occur, e.g. B. Incompetence (confirmed by a doctor) or entry into a nursing home.
What if your state doesn’t see any jumping forces? You can often achieve the same result with a permanent power of attorney accompanied by a letter stating that that power of attorney will take effect when certain events occur. A lawyer can keep both documents until they are needed.
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