Being appointed as an agent under a power of attorney is both an honor and a significant responsibility. In this edition of our newsletter, we delve into the role of a power of attorney and shed light on the considerations that come with it.

Understanding the Basics

A power of attorney can be broadly categorized into two types: financial and medical. As an appointed agent, you step into the shoes of the “principal” – the person who grants the power of attorney – to make financial or medical decisions on their behalf, particularly if they become incapacitated, but incapacity of the principal is not required.

As a financial agent, your role extends to managing the principal’s financial matters as they would themselves. This might involve tasks such as handling bank accounts, paying bills, trading stocks, and maintaining meticulous records of transactions.

On the other hand, if you’re designated as a medical agent, your role involves making crucial medical decisions for the principal, based on what you believe their wishes would be. These decisions may cover treatments, doctor choices, and even life support considerations.

Considering the Commitment

Serving as a power of attorney agent carries substantial obligations that require time, effort, and emotional resilience. Before accepting the role, evaluate whether you can dedicate the necessary time, handle the decision-making aspect, and manage potential family dynamics that might arise.

Choosing the Path Ahead

If you’re uncertain about taking on the responsibility, it’s advisable to discuss your concerns openly with the principal who appointed you. Honesty is key – express if you feel you might not be the best fit for the role. If you’ve already been appointed and wish to resign, follow the steps outlined in the power of attorney document or draft a formal resignation letter.

In situations where the principal is already incapacitated, the process becomes more intricate. Ideally, the power of attorney document outlines successor agents who can seamlessly assume the role. If this isn’t the case, legal intervention may be necessary, potentially involving guardianship petitions or court proceedings.

Seeking Legal Guidance

Should you be named as a power of attorney agent and decide to step away, consulting with an attorney is a prudent step. An attorney can offer guidance tailored to your situation, ensuring that the transition is handled appropriately.

Remember, the role of a power of attorney agent carries significant weight. Approach it thoughtfully and seek guidance if you have questions. As always, we’re here to assist you every step of the way.