According to Nolo, it’s usually wise to name the same person as your health representative and your financial agent. Nolo adds that if you name different people, you should feel sure they’ll be able to work together. Their example: “You wouldn’t …want your agent for finances to interfere with your health care wishes by stalling or resisting payment of medical or insurance bills, two things over which your agent for finances will most likely have control.”
Speaking personally, I’ve named separate individuals for these two roles, though I might change my mind in the future.
In my current situation as a relatively healthy, young old person, I’ve named friends as my first and second choices for health representative. I wanted the person who made medical decisions on my behalf to be someone who knew me well and who’d know what I would want.
However, when it came to naming a financial adviser, I selected a professional fiduciary. I was uncomfortable with my friends having access to all my financial information, and unsure of their ability to manage it wisely.
This is okay for now, but it may not always be. My first and second choices for Health Representative are also aging. If I live to be 80, neither may be able to fill this role. Also, if I’m diagnosed with Alzheimer’s or some other condition likely to involve a long period of surrogate decision-making, I wouldn’t be comfortable asking either friend to take on such a potentially lengthy assignment.
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