People often ask me, “who should I choose as my power of attorney?” A common concern is that a Power of Attorney may misuse this power.
However, as your legal fiduciary, if your Power of Attorney does not act in your best interest, he or she can be sued in court.
Problems can arise, though, if your money is misused and the Power of Attorney cannot be found or cannot replace the funds.
On the other hand, I am often asked how to choose a Power of Attorney among a group of loyal children or friends.
Acting as Power of Attorney is a job, and in making your choice, you should consider that person’s ability to do the job.
A power of attorney should not just be trustworthy, but should be organized, able to keep track of spending and available to help-out when needed.
I believe that everyone should have a power of attorney in place, but consider the choice carefully.