Thursday, February 11, 2010

Updated and Accurate Powers of Attorney

Sometimes, a power of attorney is more important than your Will. A power of attorney essentially lets someone step into your shoes, to take care of your financial and health matters if you become disabled or incapacitated.

Many people have power of attorney documents, and a good portion of these documents were probably executed over ten years ago. It is important to have an updated power of attorney. Why? Your family or family circumstances may have changed. The agent listed may no longer be the agent you want. Most importantly, Pennsylvania laws and regulations have changed within ten years, adding and modifying requirements for powers of attorney.

Even if you are married, it is still essential to execute both the health care power of attorney and financial power of attorney.

Make sure your attorney carefully crafts your document and only gives the powers you want to grant. Pay particular attention to retirement plans and the power to change beneficiaries, the power to deal with life insurance policies, and gifting powers.

For a free review of your power of attorney, your estate plan or to craft an estate plan, please call our office at 215-706-0200 to schedule an appointment.