While you have the capacity to make decisions regarding your finances, you may execute Financial Power of Attorney and/or a revocable living trust. As the principal, you may designate an agent in a Financial Power of Attorney to have authority to make financial decisions on your behalf immediately, on a designated date, or once you are incapacitated. You must be very careful to designate an agent with integrity whom you know you can rely upon to make sound decisions, manage your finances effectively, and not do anything for the sake of their own personal gain. It’s important to understand the terms of the power of attorney and consider whether you want to limit the authority or grant full authority to an agent. You will also want to consider a successor agent in the event the first agent is unable (or unwilling) to serve, or dies. However, it may be more beneficial for individuals who have more than one piece of real property and multiple heirs to establish a revocable living trust while they are still alive and have the capacity. This arrangement forms a legal entity where your holdings are held by the trust. The trust formation document can stipulate conditions under which a trustee will be designated to manage it, such as who you would preferably rely upon to be the trustee. Power of attorney can be established within a living trust formation document, as well. Note that it is often best to fund the trust in advance of incapacitation, as arrangements to fund the trust only in the event of incapacitation may be complicated or blocked by certain legal actions.