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In this video I discuss the potential conflict that a person has when they are creating their durable power of attorney, particularly when they are in their 2nd or 3rd marriage and they have adult children from a prior marriage or relationship.

So pretty much everyone who gets their estate legal affairs in order creates a power of attorney. Some people call it a durable power of attorney or general power of attorney or financial power of attorney - for now, I’ll just refer to it as a power of attorney. And yes, most people also, regarding your future health care decisions, will also create, depending on their state, a health care power of attorney or advance health care directive, or health care proxy, but those health care appointments are a video for another day. In this video we are talking about your money and not your medical treatment.N

So people create these powers of attorney because if you don’t, and if you get to a point during your lifetime where you can’t, due to your illness or injury, sign your name, deal with your money and financial accounts, pay your bills, and you haven’t created a power of attorney appointing someone to act for you, then people will have to sue you in court guardianship proceeding in order to have a judge declare you legally incompetent, and to have a judge appoint someone, whoever the judge thinks is most fit, to make all your future decisions about your money and your life. These guardianship proceedings need to be avoided at all costs - they’re expensive with legal fees and court expenses, they take forever to go through the court process, and they put the control of your money and your estate in the hands of a judge.

So one step in avoiding this potential guardianship proceeding in the future is to create a power of attorney. With your power of attorney, you get to designate who will have the authority to manage your money and property in the future when you can’t do it yourself. This person is often referred to as your “agent” or your “attorney-in-fact.” I’ll refer to them as your agent. And designating someone as your agent on your power of attorney can be a powerful and important designation.

0:00 Who's Your Agent?
0:16 Financial or General or Durable POA
0:50 Main Reason for Power of Attorney
1:35 Power of Attorney Example
2:40 Concerns About Naming Spouse vs. Adult Child
3:31 Trends on Naming a Power of Attorney Agent
4:30 Big Mistake on Naming Power of Attorney Agent
5:13 The Right Way to Designate Your POA Agent
6:10 Your Estate Design Zoom Meeting With Me