As family members become older, or for those who have special needs, it’s often vital to have a power of attorney put in place. This is a document that designates one or more agents who may act on another person’s behalf in either financial (durable) or medical situations. There are some things to keep in mind, however, that will make this process run smoother. One of the first tips is to ensure that there are both primary and secondary agents who can act as power of attorney. In situations where the primary agent cannot be there to make a decision (typically in an emergency situation), it provides an alternative for quick decision-making and avoids problematic delays.
It’s also important to know that the principal (person who an agent is acting on behalf of) has the power to manage their own affairs as long as they are able, as well. If the principal has reason to believe that one or more of their agents is behaving fraudulently, they can revoke the power of attorney.