People Needed for Your Estate Plan: Powers of Attorney

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Elder law attorney Jim Koewler joins Suzanne to talk about setting up your estate plan and the people needed to complete various documents, such as powers of attorney, wills, living wills, revocable trusts, and irrevocable third-party trusts. This segment covers Powers of Attorney.

• Agent: Probably spouse (unless spouse cracks under pressure of making decisions for others)
• First successor agent: Person most likely to take in Principal (person signing the POA) if Principal needs long-term care)
• Second successor agent: Person second-most likely to take in Principal if Principal needs long-term care)
• Etc.

Jim suggests naming the same agents and successor agents in both the General and Health Care Powers of Attorney so that, should you ever need long-term care, the person providing care also has the ability to hire help and to pay for it.

Listen in to hear details and explanations. Learn more about Jim Koewler at Answer for Elders or at his website, and look here to see a list of all of Jim’s podcasts.

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