Joint POA Agents?

[PatrickA5]

Anybody have more than one DPOA agent? I currently have DW as my agent and my daughter as a backup who's power only comes into play if DW is deemed incapacitated by a doctor.

I'd like to add my son as either:

1) Joint with DW (ie they both have to agree and sign off on things) or

2) A 2nd POA agent that can act independently of DW. Our daughter would be taken off.

We're in the process of updating all of our estate plans. I can see a point down the road where both DW and I are older (but still competent) but just don't want to mess with our finances anymore. We've talked to our son about someday taking over our finances. So, what's the best way to go about this legally. For this discussion, let's assume we will NOT be using a Trust.

 

[Dash man]

I have DW and a son, though the son doesn’t know it yet.
Personally, I think it’s a bad idea to require two people to make any decisions. Asking for trouble.

 

[PatrickA5]

I have DW and a son, though the son doesn’t know it yet.
Personally, I think it’s a bad idea to require two people to make any decisions. Asking for trouble.

I tend to agree on the joint aspect. I'm sure my wife and son would talk things over, but I wouldn't want to require both of them to sign something.

So, does your say something like "DW and Son, independently"?

 

[Dash man]

I tend to agree on the joint aspect. I'm sure my wife and son would talk things over, but I wouldn't want to require both of them to sign something.



So, does your say something like "DW and Son, independently"?

No, we have two separate POAs, one for each of them. DW is set up the same way with me and our son having separate POAs. They’re all in a safe and everyone knows how to get in. Our son would find the paperwork should he need it.

 

[PatrickA5]

No, we have two separate POAs, one for each of them. DW is set up the same way with me and our son having separate POAs. They’re all in a safe and everyone knows how to get in. Our son would find the paperwork should he need it.

Thanks for the information. The way you did it sounds like it would probably be the most efficient and cause potentially fewer issues.

I'll run that by my lawyer when we get to the point of having these written up.