You need to have one person who is responsible for making the decisions and if you have four people trying to agree on how things should be done it's a recipe for disaster. If you have one child who has been more involved in your care and knows what you want done, then that's probably the right child to make POA.
Full Answer
There are no special qualifications necessary for someone to act as an attorney-in-fact except that the person must not be a minor or otherwise incapacitated. The best choice is someone you trust. Integrity, not financial acumen, is often the most important trait of a potential agent.
The three most common types of powers of attorney that delegate authority to an agent to handle your financial affairs are the following: General power of attorney. Limited power of attorney. Durable power of attorney.
Since your power of attorney potentially will be handling your legal and financial affairs, you'll want to choose someone who either has some experience in these fields or has the personality and financial savvy to handle the decisions that may fall to him or her.
If the agent is acting improperly, family members can file a petition in court challenging the agent. If the court finds the agent is not acting in the principal's best interest, the court can revoke the power of attorney and appoint a guardian.
A will protects your beneficiaries' interests after you've died, but a Lasting Power of Attorney protects your own interests while you're still alive – up to the point where you die. The moment you die, the power of attorney ceases and your will becomes relevant instead. There's no overlap.
It's a good idea to give the person you ask time to think about the role, to make sure they feel comfortable doing it. Your attorney could be a family member, a friend, your spouse, partner or civil partner. Alternatively they could be a professional, such as a solicitor.
If you're aged 18 or older and have the mental ability to make financial, property and medical decisions for yourself, you can arrange for someone else to make these decisions for you in the future. This legal authority is called "lasting power of attorney".
Naming a corporate executor relieves the family or particular family members from making difficult decisions that could potentially create family disunity.
AgeLab outlines very well the four types of power of attorney, each with its unique purpose:General Power of Attorney. ... Durable Power of Attorney. ... Special or Limited Power of Attorney. ... Springing Durable Power of Attorney.
General Power of Attorney The general power of attorney is a broad mandate that gives an agent a lot of power to handle the affairs of a principal. The agent or the person designated to act on behalf of the principal is charged with handling several tasks.
There are 2 types of LPA : health and welfare....Health and welfare lasting power of attorneyyour daily routine, for example washing, dressing, eating.medical care.moving into a care home.life-sustaining treatment.
A general legal power of attorney in Texas allows the agent to complete a variety of transactions on behalf of the principal, essentially to enter into and complete nearly any business that the principal could themselves do.