My parents did what the estate lawyer recommended. As well as the financial planner and insurance professional. However, when the time came for me to step in and help them using their Durable Power of Attorney (DPOA), things were a little more difficult that we all expected.
One of the major firms told me they would not accept a DPOA that was over two years old; a second told me they didn’t accept ones more than five years old. It happens though it shouldn’t, and sometimes you may need the lawyer who drafted the agreement to pursue it for you.
Legal tools alone won’t handle every situation. However, every adult should consider meeting with an estate lawyer to discuss your needs. Because of my experience, I recommend that even those with estate plans take the extra step of documenting their information. For the estimated bulk of Americans without any estate plans (power of attorney, medical directives, will) , for your own best-interest, you should get your documents, accounts, and assets organized.
In my case, my dad sat down with me and we created online access to many of their accounts from their retirement to utilities, so that I could easily help pay bills, manage cash flow, their household and finances.
Are you prepared? If not, my free gift to you is a list of the items you need to document, download it here.
To get a copy of the award-winning system to help you collect and organize your documents, accounts, and assets, you can order a copy from Amazon, BAM!, or Barnes & Noble. For $17.95, MemoryBanc: Your Workbook for Organizing Life will not only help you easily find your important information, but will give a road map to a loved one who you may need to step in and help, if even only temporarily.