One of the documents that helps to make up a proper estate plan is the power of attorney (“POA”). A POA is a document that authorizes a representative of your choosing to act on your behalf in private and business affairs. Although most people select one person to serve as their POA, this recent article discusses how a person can split the powers typically given to one person between several people.
The best way to split up POA powers is to have your attorney draft several limited POAs. Consider that you have a daughter that you would like to make decisions on behalf of the family business, and a son that you would like to control your personal accounts. In order to achieve this division of power, you could execute two limited POAs. The first would authorize your daughter to act on your behalf in situations concerning the family business. The second would authorize your son to manage your personal financial accounts.
If you have limited POAs drafted by an estate-planning attorney, they can be as flexible as you would like. To ensure that all decisions made will be solely in your best interests, be confident that the parties splitting authority to act on your behalf are able to work together and get along.