Durable Power of Attorney

Photo by August de Richelieu

Originally Posted On: https://smartestateplans.com/areas-of-practice/estate-planning/durable-power-of-attorney/

A Durable Power of Attorney document allows a person you designate to take over management of your financial affairs should you become incapacitated. Unfortunately, because of rising cases of Fraud and Elder Abuse, banks and other financial institutions are starting to reject perfectly valid Durable Power of Attorney documents because they fear being named as a party to a lawsuit.

Many Estate Planning experts believe the reason financial institutions are rejecting good documents is because their representatives are trained to look for modern documents with recent execution dates. This is why the Wall Street Journal recommends updating a Durable Power of Attorney every 6 months. We, and other estate planning experts, believe that renewing your Durable Power of Attorney every 2 years is acceptable.

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