I beat the drum on the issue of a Durable Power of Attorney (DPOA). I had one for my parents, but one financial services firm rejected it because it was more than 2 years old, a second who said they won’t accept one more than 5 years old and their insurance firm said they would only accept the version they created. This statement shocks many who believe they are covered.
If you have any concerns about your DPOA, I recommend you speak to a lawyer who is dedicated to the practice of Estate Planning. They should counsel you that there are some instances where you may need them to follow-up to ensure the DPOA is accepted. It’s one of many reasons to not use an online legal service for your estate planning needs.
When you are getting your wills, and power of attorney done, I strongly urge you to find a lawyer who ONLY focuses on Estate Planning. The state and federal laws and rulings are constantly changing and those issues are things the estate lawyer can help you with. We found one to get a DPOA for my parents that would be accepted by their banks and insurance company. If you had a heart condition, you would not go to a general practice doctor, you would see a cardiologist. Look at finding a lawyer who specialized in estate planning when you are updating these documents.
In reality, there is more to organizing your estate than just having the legal papers in place — you need to get it organized and setting up online access is a huge benefit to a loved one if they ever need to step in and assist you.
To learn more about the DPOA issues check out a story in The Wall Street Journal – Power Grab! Signing Over Power of Attorney to a Loved One Has Never Been Trickier. Here’s What You Need to Know.
To get your personal, financial, online, medical and household records organized so they are easier for you to access as well as share with or pass onto a loved one, visit www.MemoryBanc.com/Register