A fiduciary — whether an executor, an agent under a power of attorney, or a health care proxy — stands in your place when you are unable to manage your affairs. Every family measures competency in its own way and considerations for choosing an agent vary from education level, birth order, religiousness, and even one’s even choice of spouse. The appointee must be able to make decisions, not procrastinate, and always know when to ask for guidance. An agent may choose the principal’s residence, manage investments, apply for governmental benefits, estate plan, and decide a course of medical treatment.
The analysis should be practical, however, it often turns emotional. Concerns about hurt feelings abound, e.g., choosing the youngest child over the oldest or appointing a son over a daughter. Against advice, some appoint several fiduciaries to serve together, which can be disastrous. It is impractical to require a group of people, often scattered around the country, to sign off on banking transactions. It is even more difficult for a physician to consult with multiple individuals in precarious medical situations.
For the chosen child, the responsibility of overseeing an aging parent’s affairs is not easy. Decisions need to be made quickly and other relatives may question your judgment, leaving you to defend your actions, in court or in a hospital. Commissions may be awarded to an agent, executor, or guardian, although the expended emotional and physical time does not match the compensation. The great reward is making a change in the principal’s quality of life and seeing her wishes executed as best as possible.
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Cori A. Robinson is a solo practitioner having founded Cori A. Robinson PLLC, a New York and New Jersey law firm, in 2017. For more than a decade Cori has focused her law practice on trusts and estates and elder law including estate and Medicaid planning, probate and administration, estate litigation, and guardianships. She can be reached at [email protected].