The agent is the person to whom you’ve granted authorization to make decisions on your behalf. The scope of the roles, responsibilities, and functions of your agent will mainly depend on the limits and restrictions you’ve set when you’re drafting your power of attorney. You can grant your agent the authority to manage mortgage and rental properties but set restrictions and limits when it comes to your other investments. You can also allow your agent to exercise a wide range of powers when it comes to your financial decisions. In other words, the authority of your agent can be as broad or as limited, depending on how you see fit.
That said, it implies that you need to spend a considerable amount of time thinking about who will be your agent. That person, of course, needs to be someone you can fully trust. But aside from trustworthiness and credibility, there are many other characteristics you should look out for:
First, your agent should be someone who knows the processes involved. That means that the agent should know how medical processes and even estate planning processes work. You don’t need to hire an expert, but you have to make sure that the person you’re giving authority to function as your agent, knows at least how to ask the right questions, or how to evaluate matters, and ultimately, make important decisions for your benefit and welfare.
Second, your agent should possess good communication and organization skills. You need an agent who can remain calm, even when under emergency situations, someone who is able to effectively communicate with your healthcare professionals, lawyers, and family members. Organization skills come in handy when your agent has to make important decisions under time pressure.
Third, your agent should be someone who genuinely values your best interests and exhibits the willingness to help you out to the best of their ability. Being an agent is no simple task. There will be stressful moments along the way, so you need to make sure that the person you’ll choose will always have your best interests at heart.
Once you’ve carefully thought of these things, you can discuss the next steps with your Colorado LLC Attorney at https://coloradollcattorney.com/Colorado-Estate-Planning/Durable-Power-Of-Attorney who will help you finalize your power of attorney.