Regardless of your age, you can always benefit from having an estate plan. It means keeping your future and that of your California family secured. One aspect of estate planning is choosing an attorney-in-fact to act under a power of attorney. This is what that means and how to do it.
What is an attorney-in-fact?
An attorney-in-fact is a person with an important role in estate planning. When you create documents that focus on your future medical care or how your finances are handled, this person is there to make important decisions on your behalf. They may also ensure that your wishes are upheld in certain situations. Your attorney-in-fact is your agent for financial and healthcare powers of attorney. This role carries a huge responsibility, so it’s crucial to choose the right person to handle things.
Choosing an attorney-in-fact
There are certain things to consider when choosing an attorney-in-fact. Many people go with a family member or even a close friend, but you should always select someone you fully trust. At the same time, your attorney-in-fact should be someone who can handle heavy matters such as your healthcare if you’re incapacitated in the future and can’t voice your wishes. It should also be someone practical and responsible with money.
Location is another important factor when choosing an attorney-in-fact. In some cases, this means picking someone who lives close to you. However, if this is not a factor and you’re choosing someone to handle only financial matters, you can choose an attorney-in-fact you trust regardless of their location.
Another thing to consider is that your first choice may be unable to serve in the future. That means choosing an alternate attorney-in-fact in case your first choice changes their mind, becomes ill or dies.