Are Powers of Attorney Once and Done? (Video)
You may think that once you have a Power of Attorney you’ll never need another one.
Hi. I’m Gary the owner of DeWitt Law. We help you protect yourself, your money, and your property.
The truth is that Power of Attorney documents should be updated if circumstances in your life change, such as family dynamics, your financial situation or goals, or the laws change.
You or your loved one may learn too late that your old Power of Attorney is no longer valid or not comprehensive or powerful enough.
Some financial institutions may not accept an older Power of Attorney for fear of a lawsuit.
Generally, a power of attorney that is valid when you sign it will remain valid even if you change your state of residence. However, it is a good idea to take the opportunity to update your power of attorney. The update ideally should be part of a review and update of your overall estate plan.
Start your plan at dewitt.law.