Choosing someone to serve as your attorney-in-fact (also called your agent) pursuant to your Power of Attorney can be a daunting task. This is especially true if you’re a parent who has to choose between children. It may seem like the simplest solution is to name two people to serve simultaneously as attorney-in-fact. While you can do this, it’s usually not a great idea.
Although naming two agents can help to avoid putting the entire burden of managing your finances on a single person, it can also stall the management of your affairs, and land your loved ones in court.
What happens if the co-agents you’ve appointed have a disagreement they can’t resolve? Not only does such a disagreement cause stress for your co-agents, as well as a potential division in your family, it also means that their attention becomes focused on the disagreement, and it can lead to important responsibilities falling through the cracks. Plus, the final resolution to these kinds of disagreements often happens in court, and avoiding court is one of the reasons for making a Power of Attorney in the first place.
If you are considering appointing two loved ones to serve simultaneously as your attorneys-in-fact, talk to your estate planning attorney. He or she can help you explore all of your options, and settle on the approach that’s right for you and your family.