Are You Able to Have People Share Power of Attorney?
Granting an individual power of attorney can protect you and your financial interests in the event of your incapacitation. But are you allowed to give that power to more than one person at a time?
If you decide to establish durable power of attorney for finances, for example, you may name more than one agent to handle your affairs. If you have two children, for example, you could grant each power of attorney. However, you will need to determine how they will carry out various tasks. The following are a couple ways you could go about this:
- Have each agent operate independently of one another. Each agent would be able to handle any financial task authorized in your power of attorney document without having to consult the other about it.
- Require each of your agents to agree before they can take on any financial action via a power of attorney arrangement.
The latter arrangement might be a good option if you’re not entirely sure whether you have anyone you can completely trust to handle the job. Giving multiple agents independent authority could be a recipe for disaster, but forcing them to work together could mitigate any potentially negative effects that could occur.
However, the latter arrangement could also have some serious drawbacks. Conflicts between agents could delay the handling of your finances. To that end, it’s important to carefully consider the kind of arrangement you establish and who will have power of attorney.
To learn more about power of attorney and making the right decisions for your situation and needs, contact an experienced Florida estate planning lawyer with The Charles Law Offices.