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Durable Power Of Attorney For Finances

Who Should I Name As "Agent" Or "Attorney-In-Fact"?

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In most states you can name any adult or institution to be your agent/attorney-in-fact.

Clearly, you should only name someone you trust absolutely. The agent/attorney-in-fact has broad discretion over money matters. The best protection against abuse is appointing a person who can be trusted to do the right thing, even when he or she is in financial difficulty.

If there is no one you can trust with this power, it's probably best not to use a power of attorney. Instead, you may want to consider Guardianship or a Living Trust.

Despite the term "attorney-in-fact," the person you give the authority to does not have to be a lawyer.

The person should have a good understanding of the areas in which you're giving the agent decision-making powers.

You should generally name someone who knows you well. The better the agent knows you, the more likely the actions taken will reflect your opinions and values.

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