Power of attorney gives someone a lot of authority, meaning that being awarded such power can sometimes be stressful. A good solution can be splitting up the duties among multiple people who care about your well-being. A Washtenaw County estate planning attorney can tell you when this might be a good idea.
Can More Than One Person Have Power of Attorney?
Yes, it is possible to give more than one person power of attorney. This capability allows someone to make decisions for you. These can be financial or medical decisions. You can also set up power of attorney privileges in a certain way so that they are only given to your loved ones in certain situations. A common rule is that your loved ones only get these powers once you have been determined to be incapacitated.
How Can Power of Attorney Roles Be Divided Up?
A common method to divide up these powers is giving one person financial power of attorney and another healthcare power of attorney. This way, one person can deal with money issues and another can make your healthcare decisions. You should leave behind clear instructions for both people if you go this route. The more information you leave for them, the easier it will be for them to make decisions in accordance with your wishes.
Some people decide to give power of attorney, and all of its decision-making capabilities, to multiple people, without splitting it up into financial and medical POAs. This can sometimes work well if you have multiple adult children who will split up the power. It’s also possible for this to lead to conflicts though. There could also be a deadlock if everyone cannot come together and agree on every decision.
So there is a lot to think about here. If you do want to give multiple people this power, then you may want to talk things over with a professional first.
Do I Need to Talk to a Lawyer First?
Not necessarily, but we do recommend meeting with a lawyer when you are doing anything with your estate plan. Everyone’s estate is different, so working with a lawyer to find the best options for your particular situation is usually recommended.
We can advise you about whether or not assigning POA among multiple people is a good idea. We can also explain the different types of power of attorney arrangements, like “springing” or “durable.” Don’t make any major decisions before you get all of the info that you need.
Contact Our Estate Planning Attorneys
So if you want to learn more about power of attorney and how you can divide up these important responsibilities among multiple people, our lawyers can answer your questions. Contact Collis, Griffor & Hendra to schedule a consultation and learn more about estate planning and what kinds of options you may have.
