Setting up a Durable Power Of Attorney provides you with an agent to make critical life decisions if you become incapacitated. This person acts in your best interest, settling personal, financial and health care matters.
It can be overwhelming choosing a single individual to manage your most important decisions. But, you don’t have to choose just one. You can appoint a separate Durable Financial Power of Attorney and a Durable Health Care Power of Attorney.
What are the benefits of having multiple Powers of Attorney?
Separating your financial and health care agents allows you to appoint individuals who specialize in each field. Maybe your son excels at managing finances, but your daughter understands the health industry. It might be easier for each expert to make decisions within the field they specialize in.
Appointing two agents also allows you to split up the care burden. Each agent will have fewer care responsibilities, lowering their stress level.
What are the benefits of having one Power of Attorney?
Appointing one agent eliminates confusion. This single representative can be an expert in the state of your assets and your health, making complex decisions with complete knowledge.
The sole agent can make difficult decisions with less conflict. What is in the best interests of your health may not be what is in the best interest of your finances. Two agents may argue over which path to take, causing distress during an already difficult time. A sole agent can evaluate the pros and cons of a situation, and come to a holistically beneficial decision.
Does this seem overwhelming?
It can be very difficult to plan for your future, especially when you are deciding to turn over your personal agency to another person. If you would like help walking through your options, consider contacting an attorney to guide you through the process.