When it comes to estate planning, one fundamental aspect of it is having in place a power of attorney. The purpose is to make sure that you’re looked after both financially and medically when you are no longer able to do so yourself.
Often the first person that comes to mind is your child to take up this role. They know you and you trust them with making decisions for you. They may, however, not be the best choice in certain situations, such as these:
They live far away
A power of attorney needs to be within at least a reasonable driving distance for them to be able to take up the role and do it effectively. They need to be able to get to you quickly when you need them to, especially in the event of an emergency. You may also need them to help you with day-to-day decisions and errands. This will be very difficult if they’re not local to you. While it doesn’t prevent them from being your attorney, it’s an important consideration.
They don’t want to take on the role
Power of attorney is a position that comes with a lot of responsibility and can be emotionally difficult. For this reason, it’s important to make sure your child wants to take on the position and is fully aware of what it entails and what they’re going to be required to do. They need to be able and willing to make decisions on your behalf that may be unpopular with their siblings or other family members.
Making sure you have a power of attorney in place is important and can be done at any time, in fact, the earlier the better.