You never know when an accident or illness could put you in a position where you are unable to make decisions for yourself. However, when it comes to your estate, you cannot afford to take chances. That’s why it’s important to have an estate plan in place and choose an attorney-in-fact carefully.
Who is an Attorney-in-Fact?
An attorney-in-fact is someone you appoint in a legal document called a Power of Attorney to make financial and legal decisions on your behalf. Once you sign a Power of Attorney, your agent can act for you if you become incapacitated and are unable to make decisions for yourself. For instance, if you become injured and are unable to work, your agent can pay your bills and manage your finances until you recover.
How Should You Choose an Attorney-in-Fact?
When choosing an attorney-in-fact, it’s important to select someone you trust implicitly. This person will have much control over your finances and your estate, so be sure you can trust them to act in your best interests. You should also choose someone who is responsible and organized, as they will need to keep track of your finances and make sure that your bills are paid on time.
It’s also a good idea to choose an attorney-in-fact who lives close to you. This way, if there is ever any question about your estate planning essentials, such as your finances, they will be able to reach you.
Finally, you should make sure that your attorney-in-fact is aware of your wishes for your estate. They should know how you want your assets to get distributed in the event of your death, and they should be able to carry out those wishes.
Choosing an attorney-in-fact seems like a daunting task, but it’s important to take your time and choose someone you trust so your estate is in good hands.