The person you appoint may be a family member, a relative, or a friend whom you are confident enough to make the best choices for you, especially when it comes to decisions regarding your health and finances. If you designate someone whom you trust as your agent, you can have peace of mind that the person can make decisions for you according to your best interest. The person who will act as your attorney-in-fact or agent Take time in choosing the right agent who you will trust to carry out your financial tasks with your best interest in mind. Here are some of the characteristics that you should consider when selecting your financial agent: Financial savvy Trustworthy and comfortable to work with Can devote enough time to perform the required financial responsibilities Accessible and lives near your residence so that you can easily discuss with him or her any pertinent concern about your POA Can commit to carry out his or her duties as an agent if you are unable to handle your finances for a long time Once you have chosen an agent, don t forget to discuss the tasks, including the financial duties involved. There are power of attorney documents which allow the agent to continue being authority even the principal is no longer mentally capable. However, in elderly cases, power of attorney could be abused. Financial/material abuse is the second highest rate of elderly abuse with 42%, following psychological abuse (59%). You may opt for several limited powers of attorney if you are not comfortable with the idea of giving your agent full control over your assets and personal matters. Limited powers of attorney assign particular tasks to an attorney-in-fact. You may even opt to set a specific period for the authorization to take effect. The document takes effect right after the principal and attorney-in-fact have signed it, and it ends when the principal dies. 4. Springing - This legal document is created in such a way that it takes effect only after the principal has become mentally disabled. When writing the document, one has to make sure that it clearly explains how to determine the occurrence of the springing event. Still, many of those who are given the power of attorney are lawyers, often family lawyers who are trusted to deal with a wide range of things. When you are given the power of attorney, a person is authorizing you to act on their behalf in personal and business matters that have legal issues. They can sign your documents and decide for you while you are away or incapable of making decisions yourself.