Yes, two siblings can indeed be granted power of attorney, often serving together as "co-agents" or "co-attorneys-in-fact" for another individual, such as an aging parent. This arrangement is a common choice, allowing responsibilities to be shared.
Understanding Co-Agents for Power of Attorney
When an individual designates two or more people, like siblings, to act as co-agents under a power of attorney, it means they share the authority to make financial, medical, or other decisions on behalf of the principal (the person granting the power). This setup is quite possible and frequently utilized, particularly when parents wish to involve all their adult children in their care and financial management.
For siblings considering or accepting such a significant role, it's crucial to understand the duties involved. This includes a commitment to working together collaboratively, especially given the potential for disagreements or differing opinions to arise during the decision-making process. Clear communication and mutual respect are paramount for this arrangement to succeed.
Benefits of Naming Sibling Co-Agents
There are several advantages to appointing siblings as co-agents:
- Shared Burden: The responsibilities of managing someone's affairs can be extensive. Co-agents can divide tasks, reducing the workload on any single individual.
- Diverse Perspectives: Siblings might bring different skills, experiences, and insights to the table, leading to more comprehensive and well-rounded decisions.
- Built-in Accountability: With two or more individuals involved, there's often a natural system of checks and balances, potentially reducing the risk of mistakes or impropriety.
- Family Harmony: For some families, naming multiple siblings can prevent feelings of exclusion or favoritism, fostering greater family unity.
Potential Challenges and How to Overcome Them
While beneficial, co-agent arrangements can present challenges if not properly managed:
- Disagreements: Siblings may have differing ideas on how to manage finances, medical care, or other aspects of the principal's life.
- Communication Breakdown: Lack of open and regular communication can lead to misunderstandings, delays, and conflict.
- Uneven Workload: One sibling might end up doing the majority of the work, leading to resentment from the other.
- Logistical Hurdles: Depending on how the power of attorney document is drafted, some actions might require both siblings' signatures, which can be inconvenient if they live far apart.
To mitigate these challenges, it is highly recommended that the principal discusses expectations with the chosen siblings beforehand. The power of attorney document itself should also be drafted with clear instructions regarding how co-agents are expected to act.
Important Considerations Before Granting Power of Attorney to Siblings
When setting up a power of attorney with sibling co-agents, a critical decision involves defining how they can act:
| Type of Authority | Description | Implications |
|---|---|---|
| Jointly | Both siblings must agree and act together for any decision or transaction to be valid. | Ensures consensus but can cause delays if agreement is hard to reach or one is unavailable. |
| Severally | Either sibling can act independently without the consent or involvement of the other. | Offers flexibility and efficiency but lacks the built-in check-and-balance system. |
| Jointly and Severally | Offers the option for both to act together, or for each to act independently when necessary. This is a common compromise. | Provides the best of both worlds, balancing accountability with practical flexibility. |
It is always advisable for the principal to consult with an experienced estate planning attorney. An attorney can help draft a power of attorney document that clearly outlines the powers of the co-agents, specifies how they are to act (jointly, severally, or jointly and severally), and includes provisions for resolving disputes, ensuring the principal's wishes are honored and their best interests are protected.
For more information on the general aspects of a power of attorney, you can refer to resources from reputable legal organizations and consumer protection agencies. For instance, the American Bar Association provides helpful guides on legal issues, including powers of attorney, for the public here.
