People draft powers of attorney to ensure they have support if an emergency arises. Typically, people select one person to act as their agent or attorney-in-fact in their power of attorney documents.
However, those concerned about their resources or the medical care they might receive may feel strongly about naming more than one person to ensure their optimal protection. Those drafting powers of attorney in Virginia may have the option of naming co-agents or successor agents in their documents as a means of reinforcing their protection.
What is the main difference between a co-agent arrangement and planning for successor agents?
Co-agents share authority
In scenarios where a person worries that one agent might abuse their power, they may choose to name two or more people as co-agents. This arrangement requires that all agents agree on any significant decisions related to exerting power of attorney. Especially in cases where people worry about the misuse of financial resources, naming co-agents can limit the likelihood of one person abusing their legal authority.
Naming successor agents creates a different type of protection. A single power of attorney document might name multiple people who could hold authority. The primary agent is the first person contacted when support is necessary, but if they are unavailable, then the next agent on the list can assume power of attorney. Successor agents protect people from scenarios in which the agent they selected is incapacitated or dead when they require support.
Choosing the right agents and using the right structure to guide their actions can help people obtain optimal protection when drafting powers of attorney. Principals drafting documents may need to discuss their concerns and their short list of candidates for their agents to ensure they use the right structure for their optimal legal protection.