This blog has discussed the importance of estate planners planning for incapacity. It is also important for estate planners to carefully select an agent to manage their affairs if they become incapacitated which is why they should carefully consider selection of one and what to base the decision on.
What to consider when selecting an agent for incapacity
It is important for the estate planner to select an agent for financial incapacity as well as medical incapacity. Factors that the estate planner should use to consider the selection of an agent or agents for financial or medical decisions if they become incapacitated include:
- Where does the agent live? Modern technology has made distance less of a concern which includes distance between the estate planner and the agent they select. It may still be simpler, however, to appoint an agent that that lives near the estate planner and not someone who lives in another state or country from the estate planner.
- What is the agent’s schedule? If the agent has a demanding personal or work schedule, it may be difficult for them to manage the estate planner’s healthcare or financial decisions when the time comes.
- Does the agent have any expertise managing finances or in the healthcare field? It is not a requirement but if an agent has work experience in the financial or medical fields, it may be beneficial to their work as the estate planner’s agent for the financial matters or healthcare concerns.
Estate planners need to ask themselves who will manage their finances during incapacity and who will make their medical decisions if they become incapacitated. For that reason, it is helpful to know what considerations to base the decision of selecting an incapacity agent on.