Question 1. A how many agents should I use with a power of attorney?
In general, it’s always best to use a single agent with any power of attorney, or POA. When you create a power of attorney, you delegate some of your decision-making authority to someone else. For each POA you make, be it financial, healthcare, or other, it’s always best to have that power vested in a single agent.
Question 2. What if I have multiple powers of attorney? Should I have a single or multiple agents?
That depends on your circumstances. For example, if you create a durable financial POA and one for healthcare, you can choose the same person to serve as agent under both documents or choose different people. Your decision rests on who you want to make these decisions for you and whether you believe one person can, or should, have both types of authority.
Question 3. Should I ever use co-agents?
Probably not. In most situations it is best that you appoint a single agent under each POA you create. Giving two or more people the ability to act as your agent with each of them having the same powers can be difficult for both you and them. Co-agents would have to coordinate on every decision they make, a process that could make their job much more difficult to do. A much better alternative is to name backup agents in case your first choice cannot serve.
- Donor Advised Funds: Too Good to Be True? - September 15, 2021
- Changing “Irrevocable” Trusts Through Judicial and Nonjudicial Modification - September 8, 2021
- Reasons to Supplement Your Estate Plan With Life Insurance - September 7, 2021