That person you appoint as your attorney in fact, frequently refer to as your “power of attorney,” is someone you trust.  So how much should you rely on them for their advice?  How much should you tell them about your finances?

These questions come up regularly, and there is no simple answer.

Suppose Aunt Gertrude appoints her niece Milly as her attorney in fact through her power of attorney document.  If Gertrude is slower than she used to be, and a little bit forgetful, but never tells Milly a thing about her bank accounts, Milly won’t be much help to her aunt. Milly has to know enough to be helpful.

If Aunt Gertrude tells Milly everything about her finances, Milly will have complete access to her aunt’s money. For better or worse. So what’s the answer?

Aunt Gertrude can appoint a third party, right in her power of attorney document, who is an overseer of Milly’s actions. Talk to your attorney about creating a powerful but safe power of attorney document for your Aunt Gertrude.

Please contact Mateya Law Firm to help you with your estate planning needs, including the Power of Attorney document.