Durable power of attorney
This is the reason why you also want to have a durable power of attorney. This document lets you name another trusted person to manage your financial and business affairs during your lifetime, if you are unable.
A general durable power of attorney allows your agent to perform all duties you typically perform, whereas a limited durable power of attorney covers only specific events, such as selling property or investing assets.
Your agent should act in your best interest with financial and business affairs, maintain accurate records, keep your property separate from his or hers, and avoid conflicts of interest. This person will be able to sell, invest, and spend your assets. It becomes imperative to select someone you trust.
You can give this power to that person immediately, or your attorney can write in a “trigger” that prompts that person to take over for you (such as being designated incapacitated by one or two physicians, as specified in the document).
Which is better? There’s no right or wrong answer. Discuss with your family and your attorney what might be suitable for your situation.
If possible, it is wise to name both a primary and a back-up (a contingent) agent. This will be helpful if the primary agent predeceases you.