When it’s time to update your power of attorney, it is important to remember the documents that often accompany a will or trust. These documents include a durable power of attorney and advanced medical directive. The durable power of attorney is especially important since it grants another individual control over your financial affairs. Understanding when to update the power of attorney is crucial to ensuring that your estate plan works as effectively as possible.
8 Reasons to Update a Power of Attorney
When should you update your power of attorney? The following are eight examples:
- You recently married and want to make your spouse your agent.
- You got a divorce or are currently separated from your spouse, who is named as your agent under the original document.
- Your child is now old enough and responsible enough to handle being your agent.
- Your overall estate plan has changed, such as planning for long-term care or adding a revocable trust.
- Your agent is now deceased, incapacitated, or otherwise unable to handle the responsibility called for under the document.
- Your agent is incarcerated or under a criminal investigation.
- You no longer trust or feel confident in the person that you chose as your agent.
- You question your agent’s ability to handle significant financial responsibilities.
When it’s time to update your power of attorney, it is important to remember the documents that often accompany a will or trust. When you are ready to update your estate plan, we encourage you to contact us for assistance. We have helped many clients ensure that their plans are up to date. To learn more, check out our client testimonials page today.