Who Should Be Your Financial Agent Under a Durable Power of Attorney?

When you appoint a financial agent under a durable power of attorney, you are granting that person the authority to step into your shoes as they carry out important financial and legal tasks on your behalf. As such, it is important to fill this role with the right person. It is one of great responsibility. Let’s review some of the things you should take into consideration when selecting your durable power of attorney financial agent.

Who Should Be Your Financial Agent Under a Durable Power of Attorney?

A good way to initially narrow down the pool of potential agents is to decide whether you want your agent to be local to you or not. While the expansion of the digital space means that many business and financial matters can be done online, there may still be benefits that make selecting a local individual more than worth it. Think about it.  Do you want someone who will be able to handle local things, such as looking after your house, managing local business matters, and more? If so, consider who the potential candidates to be agent would be if you kept things local.

You should also look to those individuals who would be able to take the time to manage your financial matters. While it may not be extremely time intensive, it will have a number of responsibilities. Any person who seems at capacity for managing life and work matters may not be best suited to be appointed as your financial agent. Even the most dependable people can end up drooping the ball if they are overstretched with responsibilities.

Perhaps most importantly, you will want an agent who you trust and who is worthy of this trust. A financial agent under a durable power of attorney assumes a role that makes them responsibility for managing a range of important and personal matters. They may very well assume this role under stressful circumstances such as in the event that you become incapacitated. Try to select someone level headed and responsible. 

Your agent will likely be tasked with both short term financial management issues as well as helping to ensure your long term financial well-being. This is no easy task. An agent with a financial background or someone well versed in handling financial manners may be best equipped to take on the financial agent role.

Another thing you may want to consider as you are selecting your durable power of attorney agent is whether or not this person would also make a good personal representative of your estate. Many of the qualities that serve a power of attorney agent would also be well served for a personal representative. Your agent is also likely to already have some familiarity with your affairs, which would also be an asset for a personal representative to have.

Estate Planning Attorneys

To be a strong, comprehensive estate plan in place that best serves you and your loved ones, get in touch with the dedicated team of estate planning attorneys at Jones, Gregg, Creehan & Gerace. Contact us today.