“Who should I name in my Power of Attorney?”
The person you designate in your Power of Attorney is called your attorney-in-fact or your agent. They have a duty to act only in your best interest. North Carolina law provides for a Durable Power of Attorney which is used for business and financial matters. You can specify how much or how little power this person has in your Power of Attorney. A Health Care Power of Attorney allows your agent to make healthcare decisions on your behalf. You can specify what decisions your agent can make and how you want certain decisions to be made.
How do I decide who should be my financial attorney-in-fact? It should be someone you trust with your property and trust to act in your best interest. It is best if the person you name is generally familiar with your property, your accounts and financial advisors. This may be a spouse, child, sibling or close friend. Some people prefer to name a professional such as an attorney or CPA. Even if they are not specifically familiar with your situation at the time you execute the Power of Attorney, they need to know how to get information when needed.
How do I decide who should be my health care attorney-in-fact? It should be someone you trust with your life. Most people will name their spouse first with a child or sibling as their alternate. If you do not have an appropriate family member, a close friend or even certain health care professionals could serve in this role.
Can I name multiple people? Yes. It is advisable to name an alternate attorney-in-fact or agent in case your first-named person is unable to serve. You can also name multiple individuals to act jointly or independently. If you name multiple people, be sure they can work together harmoniously. You do not want your designation to create a power struggle.
We are glad to prepare a Power of Attorney for you. We can also schedule a phone or video consultation to discuss your options and decisions. Click here to read more about Powers of Attorney. Contact us if we can assist you.