As part of your comprehensive estate plan, you should draft a power of attorney document. This document gives someone else the authority to handle your financial and legal affairs should you become incapacitated. Who you choose as your power of attorney should be carefully considered, and you should discuss the matter closely with an estate planning lawyer in Carlsbad.
Many married individuals automatically select their spouse as their power of attorney. This can make sense in many situations, especially since your spouse may have detailed knowledge of your financial accounts and other affairs that need to be addressed. However, as you both age, there might be a chance that your spouse may suffer from dementia or another condition that makes it difficult for them to take over your affairs. If you already have your spouse as your power of attorney and question the decision, you should update your documents as soon as possible.
Your Adult Child
Another common choice for a power of attorney is an adult child. While you may trust your child, you may also not know everything that is happening in their life. For example, if your child takes over your financial accounts and they have a secret gambling problem, your accounts can be drained quickly. Make sure that your adult child is trustworthy and capable enough to handle your affairs.
Thinking Outside the Box
Your Carlsbad estate planning attorney can help you come up with different solutions for your power of attorney when needed. For example, you might have a close friend that you trust more than your relatives. You may even consider a professional power of attorney who can trust to be completely objective.
Contact an Estate Planning Lawyer in Carlsbad Today
The McKinnon Law Firm can help you carefully weigh your power of attorney designation, as well as all other relevant estate planning decisions. Call 760.707.3373 or contact us online to set up an appointment today.