Authorizing a person to have power of attorney is a crucial part of both estate and long-term care planning. Giving someone power of attorney is equivalent to giving them the reins to your estate or health. It is a huge responsibility for anyone to undertake.
If you are worried about placing a huge burden on your loved one’s shoulders, you can divide the responsibility among multiple individuals.
Yes, you can have more than one
You may appoint more than one person to have power of attorney. One person can take on the role of lead power of attorney while another serves as a backup. It is also possible to divide the responsibilities. You can name one person as your financial power of attorney and the other as your medical power of attorney.
Pros of appointing multiple powers of attorney
Although you may appoint more than one attorney-in-fact, note that there are pros and cons to going this route. Below are some benefits of appointing multiple powers of attorney:
- Focus on the role: Splitting the duties of a power of attorney helps lighten the load for each person you appoint. Your medical power of attorney can focus on your health and not have to worry about your financial affairs.
- Establish a safety net: If the lead attorney-in-fact refuses or cannot take on the role, having a secondary attorney-in-fact ensures you still have someone you can rely on.
- Choose based on skills: Multiple attorneys-in-fact allow you to choose the best person for the role. For example, choosing someone with a finance or legal background to take care of your estate.
A team of attorneys-in-fact may also be helpful if you have a large estate and want to appoint someone to manage each type of asset. However, having a team of attorneys-in-fact opens the possibility for issues between them.
If multiple people share power of attorney, having a primary or lead attorney-in-fact may help minimize disagreements between the people you appoint and resolve stalemates when making decisions. It also helps to be precise when outlining responsibilities for each agent you choose.
An attorney can help set these up
An estate planning attorney typically helps clients tailor your power of attorney documents to your specific needs to help reduce friction between the people you appoint. Having a legal professional draft the document can offer more peace of mind.