What Information Does Your Agent Need?

Feb 15, 2022 | By: Neil Lyons

If you’ve executed a power of attorney, give your agent as much information as possible.

Important directive must give direction

The durable power of attorney is an important advance directive that allows a principal to choose an individual to act on behalf of the principal if the principal is not able to manage his or her finances.

Should an emergency arise, however, it is important for this person to be able to hit the ground running. It is very difficult for an agent to help a principal in times of crisis if they do not know what they are supposed to control.


What to do to prepare appropriately

There’s nothing wrong, however, with being cautious with what information you will be sharing prior to becoming incapacitated.

So instead of giving your agent a listing of all of your assets, you should make a list of those assets. Place it somewhere that is safe but easy for your agent to find. Let your agent know where they can find that list. (This is a lot easier to do if your agent lives in the same state as you.) Or you can give the information to your attorney and instruct them to send it to your agent should the need arise.

How you let your agent know what they need to take control of is ultimately your decision. But you should have a procedure in place so that your agent can begin acting on your behalf as seamlessly (and of course legally) as possible.

Are you prepared?