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Restricting authority for the people who hold power of attorney

On Behalf of | Nov 20, 2020 | Estate Planning

It is quite common for people to include a power of attorney with their estate planning documents. It is a key component of a thorough living will. After all, if you become incapacitated somehow, it’s important to have someone or multiple people with the legal authority to manage your affairs.

 Some people create one power of attorney that covers all of their concerns, while other people create multiple documents for different areas of their life. You could do a separate financial and medical power of attorney, for example.

 Especially when dealing with financial authority, putting appropriate restrictions in place when creating your estate plan and power of attorney can make you feel more confident about authorizing someone to access your accounts.

You can limit what someone accesses or what they use your resources for

One of the easiest ways to protect yourself when drafting a power of attorney will be to include very specific authorizations for the person who will act on your behalf. Only giving them access to one account can be a smart move. Alternately, ensuring that there is oversight and that they can only use your resources to pay specific expenses on your behalf may also be important.

Given that concern about someone abusing a power of attorney is often a reason people give for not making one, limiting how people use that authority can make you more confident about creating a power of attorney. Your comprehensive estate plan will ensure you have protection if someone ever needs to use that authority on your behalf.