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Should you have two powers of attorney?

On Behalf of | Jan 15, 2025 | Power Of Attorney | 0 comments

We never know what will happen in the next minute, hour or day. We have a good idea of how things will progress, but there’s always the unpredictability of the unknown.

We assign a power of attorney (POA) to a trusted individual because we know the unexpected can happen at any time, leaving us incapacitated. With a POA, you have the assurance that your affairs will be handled when you are unable to do so. But, is one POA enough?

The pros and cons of two POAs

A POA is a legal document that grants another person the authority to make decisions on your behalf. Most people choose only one person, but there are several benefits to having two, including:

  • It’s likely your POAs are busy attending to their own affairs. Handling your financial affairs as well may be overwhelming, especially if they are complex. With two POAs, the tasks can be divided. For example, one POA may handle everything regarding your finances, while the other POA manages healthcare decisions.
  • It provides a built-in system of checks and balances.
  • Life happens, and sometimes your POA may not be available. Having two agents ensures that one person is always available to step in.

While there are advantages to having two POAs, it’s essential also to mention the drawbacks, including:

  • Agents may disagree, which could delay decisions.
  • If both agents must confer and agree on every decision, the process may take longer if one POA is unavailable.
  • Sharing power can put a strain on the relationship you have with the POAs and could affect the relationship between them.

Only you can decide if choosing two POAs is the best choice. You will need to discuss your options with someone who can guide you in creating a legal document that works for your situation.