At the time that you created your original estate plan, you likely made careful choices as to who should serve in the important roles such as trustee, personal representative, and attorney-in-fact, also known as your “agent.” As time goes on, however, the people who are most appropriate for filling these roles may no longer be the individuals that were originally named in your documents. It is important that these changes are addressed. This is especially important for a durable power of attorney, where the attorney-in-fact is granted substantial power and control over your most valuable financial assets. Fortunately, a simple Orange County estate plan update can ensure that you have the documents in place that best suit your needs. 

Why consider updating your Orange County durable power of attorney? The following are six common examples:

  1. If your attorney-in-fact moves out of state. While the law does not require that your agent live in California, for practical purposes, it may be easier if he is local in order to exercise the powers granted under the document.
  2. If your attorney-in-fact no longer feels comfortable serving in this role.
  3. If your attorney-in-fact is an ex-spouse, friend, or advisor with whom you no longer have a close, trusting relationship.
  4. If your attorney-in-fact is no longer trustworthy.
  5. If you have concerns over how your attorney-in-fact would manage your financial affairs.
  6. If you have gotten married since you first executed an estate plan and now want to name your spouse as your attorney-in-fact.

To learn more about updating your estate plan, view our free guide, The Ten Things You Must Know Before Creating (or Amending) Your Will or Trust. Contact our office today for assistance from an experienced Orange County trust amendment attorney today. Call us at (714) 459-5481 for a consultation.

James F. Roberts
Founder and owner of the Law Office of James F. Roberts and Associates, a premiere estate planning law firm
Be the first to comment!
Post a Comment