Your CartThe article I wrote last week for When The Time Comes, related to legal documents that are a very important part of preparing for a medical crisis or death. Now, let's take a look at the important characteristics of the individuals you choose to fill those positions.
The number one characteristic, regardless if it is a family member or friend, is TRUSTWORTHINESS. Right now, today, would you trust this person with your life? Your money? Your family? Your property and other assets? Do they have their own personal finances in order? Have they made good decisions for themselves and their own family? If you cannot trust them today, what makes you think you can trust them when something happens tomorrow or years down the road?
EXPERIENCE is another important quality. Does your representative have experience handling finances successfully? Are they knowledgeable regarding how to access assistance from lawyers, accountants, investment brokers, real estate brokers, medical care and such? Have they shown themselves to be organized and attentive to details? Have they ever served as an Executor, Power of Attorney or Healthcare Representative before?
FAMILY vs. NON-FAMILY – This seems to be a real quandary for many people. How do you choose one adult child over another? Should you select the eldest child? What if there are no adult children? Should you keep it “in the family” by asking a sibling, nephew or niece? What about a friend or other designated fiduciary or a trust department? Identifying a representative is what keeps so many people from moving forward with preparing their legal documents for estate planning.
If your eldest adult child has had foreclosures or repossessions, doesn't hold a steady job, continually asks you for money, and often makes poor decisions regarding themselves, why would you want them to make the same decisions on your behalf just because they are first born. Regardless if the person is family, friend or outside designee, think about the characteristics relating to trustworthiness and experience before making your choice. Leave emotions out of the selection process and choose wisely.
Other considerations to keep in mind: Is the person available and also willing to serve in the capacity of a representative? Consider the person's age and health. Ideally they would live near where you reside or have a familiarity with the resources in your area. Do they get along well with others in your family? Are they the type of person who is not afraid to speak up? Are they someone who will abide by your wishes regardless of conflict within the family?
You also have the ability to name co-agents or representatives as your Executor, DPOA, or Healthcare Representative. Maybe you want to name two adult children or a sibling and adult child together. You can also name successors in the event the person is no longer able to represent you.
Another very important detail to not overlook is to not just name someone as a representative without speaking with them first. Make sure they understand the role you are asking them to serve, what your wishes are, and that they agree to serve in that capacity. This is where the organizer, When The Time Comes, will prove to be extremely helpful. If you have completed the information in the organizer you have taken a tremendous burden off the person you are asking to serve as your representative. No guess work on their part. You will have outlined all the pertinent information they will need, how to access the information, your end of life wishes, etc. For the most part, all they will need to do is find your organizer (which you will have already told them where it will be kept) and follow the information you recorded.
Bottom line – select someone who is trustworthy and whom you have confidence in