A durable power of attorney (POA) is a legal document that gives someone you trust (called your agent) the power to make decisions on your behalf if you become incapacitated. A durable POA is different from a regular POA in that it remains in effect even if you become incapacitated.
If you have a durable POA, you can name one or more agents. If you name more than one agent, they are called dual agents. Dual agents can act together or separately, depending on how you specify in your POA.
There are some disadvantages to having dual agents. One is that it can be more difficult to get both agents to agree on a course of action. Another is that it can be more expensive, as you may need to pay both agents for their time.
If you are considering naming dual agents, it is important to weigh the advantages and disadvantages carefully. You should also make sure that you choose two people who you trust and who are capable of making sound financial decisions.
Here are some tips for choosing dual agents:
- Choose people who you trust and who have your best interests at heart.
- Choose people who are capable of making sound financial decisions.
- Choose people who are willing to serve as your agents.
- Choose people who are available to serve as your agents.
Once you have chosen your dual agents, you will need to specify how they will act in your POA. You can choose to have them act together or separately. If you choose to have them act together, they will need to agree on all decisions before taking any action. If you choose to have them act separately, each agent will have the authority to make decisions on their own.
It is important to note that your POA must be in writing and must be signed by you and notarized.
A durable power of attorney with dual agents can be a valuable tool for ensuring that your financial affairs are handled in your best interests if you become incapacitated. If you are considering naming dual agents, it is important to weigh the advantages and disadvantages carefully and to choose your agents wisely.