Power of attorney: top considerations

There may come a time when you’re incapable of making your own financial or medical decisions. Given this, establishing power of attorney may be a good idea. This type of legal document appoints another person to manage responsibilities on your behalf if you’re no longer able to. Here’s what you should consider.

Who should I grant power of attorney to?
The most important factor to consider when selecting someone to represent your interests is trust. Although many people appoint a family member, you can also select a close friend or adviser. Your representative should also have sufficient knowledge of medical and financial matters to make informed decisions. The responsibility can also be split between two people.

When should I grant power of attorney?
It’s never too early to create a power of attorney document. In fact, the sooner the better. Here are a few scenarios when it should be done.

• If you’ve received a diagnosis of dementia or Alzheimer’s disease

• If you plan to travel extensively and want someone back home to take care of your financial responsibilities

• If you want someone to act on your behalf during an upcoming surgery and the associated recovery period

• If paying bills and managing your finances is becoming too difficult or confusing

• If you want to be prepared in the event that an injury or illness renders you incapable of making your own decisions

Life can be unpredictable. A power of attorney document will ensure that the right person is in charge of your well-being if someday you can’t manage your responsibilities on your own.