In the News – 7 Big Estate Planning Mistakes – The Power of Attorney Trap
From Bob Carlson’s second installment of his blog series “7 Big Estate Planning Mistakes,” he explains how many people expect more form and function from their Powers of Attorney than they necessarily get from the estate plan. While explicitly defining who you want in charge of your finances and medical wishes can be done this way, there are still several things to consider after including your Powers of Attorney in your estate plan.
One of the biggest issues that many face when establishing Powers of Attorney in their estate plan is that financial institutions will not recognize the PoA. Depending on the institution’s requirements, the PoA may not be accepted if it was established prior to 6 months before or if the PoA had not completed a specialized form from within the institution. While establishing that you want a specific person as your Power of Attorney is one thing, another step must be taken to ensure that other institutions will recognize that person as your dedicated PoA.
Carlson suggests consolidating your accounts and finding out about PoA requirements from your financial institution before it becomes an issue. Ironing out the details of your Power of Attorney now will help you and your PoA in the future.
To read Bob Carlson’s full article on Forbes, click here.
Make sure that you are completely protected by executing your financial and medical Powers of Attorney as soon as possible. Contact Pankau Law’s estate planning lawyers to begin the establishment process for Powers of Attorney in your estate plan.
This content of this blog is intended for informational purposes only. It is not intended to solicit business or to provide legal advice. Laws differ by jurisdiction, and the information on this blog may not apply to every reader. You should not take, or refrain from taking, any legal action based upon the information contained on this blog without first seeking professional counsel.