Why You Need to Update Your Durable Power of Attorney
A power of attorney is a very crucial document that everyone should have. For instance, in case you conduct your businesses in other states, you can use a power of attorney to give another person or people you appoint the legal authority to represent you in those businesses as well as legal and financial matters. Furthermore, in case of any accident or illness that makes you unable to effectively handle your personal legal or financial matters, the power of attorney will allow the authorized individual or individuals to make such decisions on your behalf; otherwise, the courts would take charge of your financial and legal matters.
Why You Need to Update Your Durable Power of Attorney
Agent Issues
Some issues may make you want to appoint a new agent, including:
- You have fallen out of touch with your agent
- Your agent is deceased
- You no longer trust your agent on handling your medical and financial matters
Life Changes
As you create your estate plans, you cannot predict how life will be like in future. For instance, you my have children, start other businesses, or donate to charitable organizations. These events may prompt you to change the power of attorney as you change the estate plan.
Other instances that can prompt you to change the power of attorney include:
- You marry and want your spouse to be your agent
- You divorce and want to rename a new agent
- You want to entrust your financial decisions to your child
- Changes in the state laws may affect the legality of your power of attorney document
Changes to Your Power of Attorney
You may wish to either pare down or expand your power of attorney. As a result, you may increase or reduce the control that your agent has to your property for various reasons; for instance, if your business has significantly grown and you want to retain more control.
Another instance which will prompt you to update your power of attorney is if you executed the power of attorney before 1996.
Getting Started
There are many events and circumstances that may make you want to update your power of attorney. For more information regarding estate planning and power of attorney, feel free to contact The Mattar Firm. Our professional estate planning attorneys are always ready and happy to serve you with unparalleled legal advice and services.