A Power of Attorney (PoA) is a legal document that empowers someone else to make decisions on your behalf. This can be crucial in situations where you are unable to manage your affairs, such as due to illness, injury, or incapacity. Selecting the right person to hold your PoA is a critical decision that should not be taken lightly. You can choose two people to act as your power of attorney (not just one person) so the duties can be shared and this can be any two people that you want, and or trust.
Understanding Power of Attorney
In Northern Ireland there is one main type of PoA:
- Property and Financial Affairs PoA: This grants the appointed person authority to manage your financial affairs, including making payments, selling assets, and investing money.
Key Considerations When Choosing an Attorney
When selecting an attorney for your PoA, consider the following factors:
- Trust and Confidence: The most important factor is your trust and confidence in the individual. This person will be making significant decisions on your behalf, so it’s essential to choose someone you know and trust implicitly.
- Reliability and Responsibility: The attorney should be reliable, responsible, and capable of handling your affairs diligently. They should also be willing to take on the responsibility of managing your affairs.
- Knowledge and Experience: While it’s not necessary for the attorney to have specific knowledge or experience in financial or medical matters, they should be capable of learning and understanding the complexities involved.
- Proximity: It’s often beneficial to choose an attorney who lives relatively close to you. This can make it easier for them to be accessible and respond to your needs promptly.
- Relationship with Other Beneficiaries: If you have multiple beneficiaries, consider how the attorney’s relationship with them might affect their decision-making. It’s important to choose someone who can act impartially and in your best interests.
- Succession Planning: If your chosen attorney is unable or unwilling to continue acting as your attorney, it’s important to have a succession plan in place. Consider appointing a backup attorney or specifying a process for choosing a replacement.
Additional Tips for Choosing an Attorney
- Discuss Your Wishes: Have open and honest conversations with your chosen attorney about your wishes and preferences. This will help them understand your priorities and make informed decisions on your behalf.
- Review the PoA Document: Before signing the PoA, carefully review the document to ensure that it accurately reflects your wishes and provides the attorney with the necessary authority.
- Consider a Professional Attorney: In some cases, it may be beneficial to appoint a professional attorney, such as a solicitor, to act as your attorney. This can provide added assurance that your affairs will be managed competently and ethically.
- Review Regularly: Review your PoA periodically to ensure that it remains relevant and up-to-date. If your circumstances change, you may need to update the document.
At McPartland & Sons Solicitors, we can help you choose the right person for your Power of Attorney and ensure that your wishes are clearly expressed in the legal document. Our experienced team of solicitors can provide expert guidance and advice, helping you make informed decisions about your estate planning needs. Contact us today to schedule a consultation and discuss your Power of Attorney requirements.
Related blog posts: