Your Asset Protection Plan: Things To Consider When Picking A Health Care Agent, Financial Agent, Or Trustee

An important aspects of creating an estate and asset protection plan is deciding on your agents. These include your health care agent, your financial agent, and/or your trustee.

My clients are always asking what can help them decide on these important roles in their asset protection plan. In fact, one person may be designated for all three roles. Or you may end up with three different people, one for each role. But I’m getting ahead of myself. Let me start with the health care agent.

Health Care Agent

When you name a healthcare agent, you give that person a durable power of attorney for healthcare. This grants legal authority to make medical decisions if you become incapacitated or cannot decide for yourself.

If you have a living will or medical directive, your agent must follow those instructions. They cannot override your stated end-of-life wishes.

However, your agent can make other medical decisions that are not covered by those documents.

Choose Someone Who Is Assertive And Whom You Trust Implicitly

Choose a healthcare agent you trust completely. This person may make life-and-death decisions on your behalf. They must be willing to make tough calls and stand firm, even under family pressure. Their role is to carry out your wishes—not their own or anyone else’s.

Explain your choice to your family. Sharing your reasoning can reduce confusion and conflict later. You should also consider how close the person lives to you. Proximity can matter if they need to be involved in ongoing care decisions.

Many people choose a spouse, adult child, or other relative. If family is not an option, you might select a close friend or trusted attorney. Age is also a factor. Choose someone likely to outlive you, though no one can guarantee that. For this reason, it’s wise to name a backup agent as well.

Financial Agent

Your financial agent acts on your behalf if you become incapacitated. This person manages your finances, contracts, and day-to-day affairs.

If possible, choose the same person as your healthcare agent. When two different people serve in these roles, disagreements can occur. Conflicts may delay bill payments and affect the care you receive.

Choose this person carefully. Keeping decision-making simple can make a difficult time much easier for everyone involved.

Consider These Suggestions For Any Agent

These are the most common questions I get asked in my Estate and Asset Planning practice. You can use the suggestions to guide you in making your decisions when setting up healthcare directives, wills and estate plans. If you have any further questions or are ready to create any of these legal documents, give my office a call.

   

Looking to find an experienced estate lawyer in the Georgia area who is skilled in asset protection and estate plan preparation? Shannon Pawley is an attorney in Georgia with expertise in estate planning and asset protection. Shannon can provide assistance with creating an estate plan to include making a will and how to establish a trust properly. If you have questions about asset protection or questions about making an estate plan, reach out to Shannon and she will be glad to help answer all the estate planning questions you might have!