Wills are great ways to take care of those you love even when you pass away. The individual you trust to execute your will is critical to ensuring the fulfillment of your wishes.
Your power of attorney is not a decision to make lightly. There are a few things to be aware of that may assist you in choosing the right individual or entity.
There are different types of powers of attorney, which all carry their own set of responsibilities. The classifications of power of attorney include:
A general power of attorney gives the individual the same rights as the designator as long as the designating party is competent. However, should the designator become incapacitated, a durable or contingent power of attorney would need to be in place. A durable power of attorney goes into place immediately and remains in effect after incapacitation while a contingent power of attorney becomes active upon incapacitation.
A power of attorney acts as the will holder, therefore it is important that the power of attorney be trustworthy and understand the wishes of the designating party. Having some business knowledge may be helpful, especially for those who have extensive estates. It may be helpful if the power of attorney shares the same values or at least knows and respects those of the will holder.
New Hampshire statute 506-6 details the requirements of a power of attorney. Any power of attorney must meet the set requirements of the statute and abide by the rules and regulations. Ultimately, the courts may decide that the selected power of attorney is not a good fit if he or she does not meet all qualifications. For this reason, it is critical that the will holder be familiar with the statute and select a power of attorney accordingly.
If you are creating or revising your will, your power of attorney is key. Take your time and make the best choice for you and your loved ones.