For those parents who have multiple children, estate planning is often a matter of attempting to determine what distribution of powers will be perceived as ‘fair’. The reality is that different children have different interests and skills that make them appropriate for various estate planning responsibilities. A recent article discusses how to divvy up estate planning powers between your children.
This decision may be an easy one. For example, if all but one of your children has moved out of state, it makes sense to name the local child as your power of attorney. However, if the local child is irresponsible or untrustworthy, somebody else should be named.
Sometimes it is easier to first consider which children should not serve as your power of attorney. Your power of attorney will be responsible for making financial and legal decisions on your behalf. Some children are simply not cut out for this task.
If you have more than one child who you believe could serve as your power of attorney, it is possible to draft several limited powers of attorney to spread out responsibility among your children. For example, you could assign one child to tend to your business affairs and another to handle your personal financial affairs.
For assistance in setting up a power of attorney, please contact us at 732-521-9455.
