Four Important Considerations for your Durable Power of Attorney

A durable power of attorney (DPOA) will give someone you trust the authority to manage your legal and financial affairs on your behalf. Below are four important considerations for your durable power of attorney. 

You should Update your DPOA From Time to Time

You should, at minimum, review your DPOA annually, and update the document every five to ten years for many reasons. The first is that the law changes and when it does, it could significantly impact the validity of your current DPOA. Updating your DPOA also gives you a chance to review your named agent and determine whether you still want that person to act in that role. 

You Should Fully Trust your Agent 

When it comes to choosing an agent, you should consider the attributes of your friends and family, and determine whom you should trust the most to manage your personal affairs when the time comes. If the person is not trustworthy, they could essentially have the power to steal from you and make decisions that are not in your best interest. 

Aging Couples Should Name Alternates to Each Other 

It is natural to want to name your spouse as your agent, but you should also consider alternatives or successor agents. For instance, you can name all of your children as your successor agents, if you trust them, in descending order. As you and your spouse get older, they may also no longer have the capacity to make sound decisions for you.

An Experienced Estate Planning Lawyer Should Create Your DPOA

Your DPOA should only be prepared by an experienced estate planning lawyer. This document is one of the most important in your entire estate plan, so it should only be left to a professional who is familiar with the laws and how to draft these documents. 

For more information, contact our office at Askew & Associates, P.A. by calling 954-546-2699.

Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns.