It is possible to have two people have power of attorney.
However, you have to be very cautious.
It is important that you consult for legal advice before designating co-agents like two children to understand potential implications.
Power of Attorney Overview
A Power of Attorney (POA) grants someone else (the agent or attorney-in-fact) authority to act on your behalf for financial, property, or healthcare decisions.
It’s created voluntarily while you’re mentally sound, with or without legal help, and various types determine the agent’s scope of authority.
Can more than one person have power of attorney?
Yes, it’s possible for a principal to appoint multiple agents in their power of attorney.
Requirements are usually sound mind and being 18 or older.
Family members or professionals like lawyers can serve as agents, with potential fees for professional services.
Can more than one family member have power of attorney?
Yes, multiple family members, including siblings or a spouse and child, can have power of attorney.
This often happens when a principal wants to involve multiple family members or if there’s a need to plan for potential simultaneous assistance.
Children named as agents must be adults (over 18).
Can a person have more than one power of attorney document?
Absolutely, individuals can create multiple power of attorney documents for various reasons.
These documents grant different authorities to agents, depending on the type of power of attorney.
Pros and cons of having two people have power of attorney
While having multiple agents can help in time-sensitive matters and share responsibilities, it may lead to conflicts and communication issues.
Deciding whether to have multiple POAs depends on your specific needs and circumstances.
The Bottom Line
Can you have two power of attorneys? Yes, you can have multiple POA documents and agents, but it depends on your circumstances.
Consulting with an estate planning attorney can provide tailored advice.