A power of attorney (POA) is a legal document that gives someone the authority to make financial or health care decisions on your behalf if you’re unable to due to illness, injury or incapacitation.
Appointing your spouse as your POA sounds perfect, given that you trust they will act in your best interests if the need arises. However, there are important things to consider before making such a decision – particularly if you are on your second (or subsequent) marriage.
Ensure they are up to the task
The person you designate to act for you will have far-reaching authority over your personal affairs, from medical to money matters. It can be stressful, especially in emotionally charged situations. As such, it’s important to assess whether your spouse feels comfortable and capable of taking on such a significant responsibility.
Consider the potential challenges
How will your decision impact your close kin? For instance, other family members may feel like they should also have a say in your affairs, particularly any adult children from a first marriage. That could create tension. Additionally, there may be disputes over the decisions your spouse makes.
Do not overlook the emotional toll your spouse might experience either. Being a power of attorney means making tough calls, often under stressful circumstances. Some decisions, such as those on life-saving medical treatments or significant financial matters, can weigh heavily on them emotionally.
There is also a possibility of a conflict of interest. Think about your spouse having to choose between your preferences and what they believe is best for the family as a whole. It can put them in a difficult position and compromise their decision-making abilities.
Make an informed decision
Choosing a POA requires careful thought to avoid unintended outcomes. Do not be blinded by family ties or emotional connections when making this crucial decision. Reach out for qualified legal guidance to understand your options and provide valuable guidance in selecting the right person to act on your behalf.