When estate planning, individuals may come across the need to make decisions regarding incapacitation. Appointing power of attorney agents to make important decisions in the event that they are no longer able to do so themselves is a common action that many Maryland residents consider. Because the role of agent can have many responsibilities, individuals may wish to consider appointing more than one person.
There are many benefits to having more than one financial power of attorney agent. First, it may make the situation less burdensome on the individual and the agents themselves. More than one agent allows for the responsibilities to be spread out rather than all finances having to be handled by one person. Additionally, the agents may be able to work together to ensure that the best decisions are made.
Another benefit of having more than one agent is to keep each other in check. Though the appointed parties may be trusted individuals, the possibility exists that someone may attempt to make a less-than-beneficial decision. However, the other agent could step in to discuss the decision and ensure that all steps are taken to benefit the incapacitated individual.
Before appointing any power of attorney agents, Maryland residents may wish to consider their options carefully. Choosing trusted and responsible individuals could help avoid unnecessary complications regarding important financial decisions that may need to be made due to a person’s incapacitation. Interested parties may want to find out more information on their options for making such an appointment by speaking with experienced attorneys who could provide valuable knowledge.
Source: blog.aarp.org, “Get a Power of Attorney (But Make Sure It’s Not a License to Steal)“, Debra Whitman and Jilenne Gunther, March 3, 2017
