It may be called power of attorney, but you can actually give the right to make decisions on your behalf to multiple people. You might have someone you trust to make certain decisions for you and another person who you trust with different kinds of power. You could also have people who you trust to serve an important role together. Whatever the case may be, a Rockland County estate planning attorney can help you find the best way to protect yourself and your assets.
Can I Split Healthcare and Financial Power of Attorney Roles?
It really isn’t that uncommon for someone to give power of attorney to multiple people. One of the most common ways to split these roles up is to give one person financial power of attorney while giving someone else healthcare power of attorney. As the names suggest, one allows someone to manage financial decisions and the other puts someone in charge of your healthcare.
You can set up both of these powers to kick in once you have been declared incapacitated. You can leave instructions for the people to whom you gave these powers and make it easier for them to follow your last wishes as closely as possible.
Can I Give Multiple People Power of Attorney in Any Other Way?
It’s also possible to give multiple people power of attorney, requiring them to come to a consensus before major financial or medical decisions are made. This can be a good idea for someone with multiple children who trusts them to make such important decisions together. This can also be a way to ensure that one person does not feel uniquely burdened by the important role that they need to take on.
Could This Cause Conflicts?
There are potential downsides to giving multiple people power of attorney though. Naturally, it’s possible that this will cause conflicts. If two or more people are in charge of making decisions for you, they could disagree about the best way to handle something. This is why it’s a good idea to also leave behind clear instructions for what should happen when you are incapacitated.
If you think that tempers might flare or that it may be too difficult to get your loved ones to agree on anything, that’s when it’s time to consider giving your power of attorney to just one person. You may even want to choose a “neutral” party, like a lawyer or an accountant, if that can reduce conflict between family members.
Contact Our Law Firm
When you’re ready to learn more about your estate planning options and how power of attorney can work, contact the Lauterbach Law Firm. We can schedule a consultation and tell you more about what our team can do for you.
