You may want to include a power of attorney as part of your estate plan. Often, people nominate one individual to oversee his or her financial affairs while nominating another person to oversee health care matters when needed. It is also possible to name multiple agents in a single power of attorney document. However, there are many reasons why this might not be a good idea.
For instance, the agents could be confused as to what their exact roles are or what they are empowered to do on a person’s behalf. In addition, there is a good chance that those listed on the document will have little experience when it comes to interpreting estate planning documents. They could take actions that they weren’t supposed to take or that don’t represent the interests of the person who created the document.
Creating multiple documents
Those who wish to delegate powers to multiple people are encouraged to create multiple limited power of attorney documents. For example, a person may allow a sibling to write checks on his or her behalf while allowing another sibling to sell his or her home if necessary. This can allow each person to meet your estate planning needs in a relatively simple and easy-to-understand manner.
Creating powers of attorney may help a person create an estate plan that meets his or her needs now and in the future. Individuals who are interested in creating or reviewing estate planning documents may wish to consult with attorneys. This can help you create documents that are in compliance with state law and that properly reflect your interests.