On July 10, 2014

Picking up from 6 Mistakes to Avoid When Developing a Power of Attorney (Pt. 1), below we will continue our discussion regarding common mistakes that you should avoid making when creating powers of attorney.

Power of Attorney Mistake 3 – Selecting the Wrong Person

Selecting the wrong attorney-in-fact is a common power of attorney mistake to avoid. Contact our Denver estate planning lawyers for help creating effective powers of attorney.

Selecting the wrong attorney-in-fact is a common power of attorney mistake to avoid. Contact our Denver estate planning lawyers for help creating effective powers of attorney.

When you create a power of attorney, you will essentially have to choose a person who will hold the authority to make certain decisions on your behalf. This person, who is known as the attorney-in-fact or the agent, is ideally someone who you trust to carry out your wishes when you are not able to do so.

Unfortunately, however, a common power of attorney mistake is picking the wrong person to act as an attorney-in-fact. When this happens, it’s possible that the financial and/or medical decisions you would like made on your behalf don’t get carried out as you would have wished.

Power of Attorney Mistake 4 – Granting Too Much Power

Powers of attorney can be as limited or empowering as you would like to design them to be. However, because the person who you choose as your attorney-in-fact can make various decisions on your behalf, knowing how much power to grant them will be crucial.

For instance, you need to seriously consider whether you want this person to be able to make decisions regarding your medical care, your end-of-life choices, etc. You should also think about how much (if any) authority this individual should have over your finances – do you want this person to be able to have full access to all of your finances? Or, instead, to just be able to make decisions on your behalf regarding a few financial matters?

By working closely with an experienced estate planning attorney, you can delve into these issues to appropriately and precisely limit (or empower) the attorney-in-fact.

Be sure to check out the upcoming conclusion to this blog.

Denver Estate Planning Attorneys at JR Phillips & Associates, PC

Are you ready to develop a power of attorney? If so, you can turn to the estate planning lawyers at JR Phillips & Associates, PC. We provide a thoughtful, comprehensive approach to our clients’ estate planning needs, and we are committed to helping each of our clients and their families find the best solutions for them.

While this means that we provide personalized attention at every step of the process, it also means that our clients can rely on our Denver estate planning attorneys to always be competent, caring and professional while providing them with the highest quality of estate planning legal services at affordable rates.

Contact Us Today

Let’s discuss your options for developing a power of attorney during an initial consultation. To schedule this meeting, call us at (303) 741-2400 or email us using the contact form at the top of this page.

From our offices in Denver, we serve clients throughout the southwest and southeast Metro Area, including (but not limited to) people in Highlands Ranch, Littleton, Castle Rock, Parker, Aurora, Greenwood Village and Englewood.

Categories: Estate Planning, Powers of Attorney