A power of attorney is a critical document that allows someone else to act on your behalf. Whether it is healthcare or financial decisions, these powers may become necessary in the future if you do not have the capacity to make your own decisions. Just because you have a signed power of attorney does not mean that it could automatically protect you in the future if circumstances change.
Powers of attorney should be revisited periodically. If nothing else changes in your life and that of your family, you should still look at your existing powers of attorney every five years or so to ensure that no changes are necessary. Not only may you want to change your agent, but you may wish to amend the scope of their powers.
For any life event, you should also review and possibly update your powers of attorney. For example, someone else in your family could die or get divorced, and you would need to make changes accordingly. What you have already executed is binding on you unless you change it. The last thing that you want is to be stuck with an old set of instructions when your wishes and desires may have evolved or changed since then.
In general, it makes sense to review your entire estate plan from time to time. Looking over your powers of attorney could be part of your overall review. An experienced estate planning attorney should review your plan with you every so often to ensure that your estate plan still reflects your wishes and priorities.
The attorneys at Naples & Spence partner with you to help you establish and execute the right estate plan for your own particular situation. Call us today at 904.478.8964 or contact us online to set up a time to discuss your particular needs.
