Who Should I Pick As My Agent?

by Tom Olofsson, Attorney at Law, www.MyTrustLawyer.com (773) 905-1193

There are several important questions to consider when deciding whether the person you are considering is a good pick to be the agent under your power of attorney.

1. Will they do what I want them to do? If they will not carry out your wishes then do not pick them even if you may hurt their feelings.

2. Will they have the strength to do what needs to be done? If they are not able to deal with tough questions and tough people who will try to sway their minds then do not pick them.

3. Are they good with money? If they can not balance their own checkbook they are not likely to balance yours. If they do not keep good records then they will get themselves into trouble when they lose track of your money.

4. Will they consider the job to be a burden? If they look at this as a burden then they will not pay enough attention to your finances.

5. Will they give in to outside influences? If the porson you pick is married to someone you do not want involved in your affairs then do not pick them. You do not want them to choose between their duty to you and their spouse.

6. What happens when the person you pick becomes ill themselves? You must pick a back-up agent to serve if your first choice is not available.

If you have no one who fits all the requirements then you still have an option.

Pick the person who is closest to the ideal then pair them with a professional.

A trust company can lend expert advice to the person you believe has your best interest at heart. When a family works with a professional trustee they have the perfect reason defense against people who would ask them to do the wrong thing. “The trust company is in charge of that”, is the easy way for them to get out of tight situations.

In any case we recommend that a trust company be named as a back-up agent against the day when the person you have named is unable to perform the task.

by Tom Olofsson, Attorney at Law, www.MyTrustLawyer.com (773) 905-1193