Selecting an individual to grant power of attorney to is an essential part of the estate planning process. It ensures that someone is in place to manage your accounts and make decisions on your behalf in the event you are incapacitated and unable to make them. However, without fully understanding the responsibilities, finding the right person for the job may prove difficult. Here’s a closer look at what’s required to help you narrow down your options. 

What Is Power of Attorney? 

A power of attorney is someone you authorize to handle your property, finances, and investments if you’re unable to do so. A lawyer will draw up a document that details each of these accounts, as well as instructions for proper management. This often includes tracking all future income and ensuring that there’s enough to pay the monthly bills.

If you have personal investments, they should take the steps to either grow the accounts or complete a final withdrawal. The paperwork will outline the direction they should take. This individual may also be called upon to make medical decisions for you if you're in an accident and unable to communicate your wishes. Depending on what the document states, this can include pursuing further treatment, like surgeries, or taking you off life support.

How Do You Choose a Person to Fill This Role?

Power of attorney should be granted to someone you know who is trustworthy. They’ll be more likely to follow instructions and ensure every decision is made in the interest of you and your beneficiaries. Finding a person who has a basic understanding of financial proceedings should also be a part of the consideration process. They’ll have a better chance at navigating each of the accounts and recognizing opportunities for asset increase. 

Proximity to the estate is another benefit since it allows the individual to perform routine checks on your property and provide the care that it requires. Plus, naming someone who lives close simplifies the transfer and ensures that they’re ready to attend in-person meetings when necessary. While most people name a spouse, relative, or close friend to be their power of attorney, the responsibility can be granted to anyone you choose. Opt for someone who is most likely to carry out your wishes despite their personal feelings.

If you’re thinking about establishing a power of attorney to handle your affairs, reach out to Rutherford Law Office in Chillicothe, OH, for guidance. These professionals are highly skilled in the estate planning process and maintain a wealth of useful resources. They have over 20 years of experience serving individuals throughout Ross and the surrounding counties and are committed to supplying the compassionate advice that their clients seek. Call (740) 775-7434 to schedule a consultation, or visit the website for additional information on their qualifications.