When to Update Your Powers of Attorney

Whether you’re nearing retirement age, are a new parent, facing an chronic illness or any other life changing events, you can benefit from assigning powers of attorney. Powers of attorney authorize specific people, in specific circumstances, to make legal, financial and/or medical decisions on your behalf. This is helpful in case you become incapacitated or unreachable (for instance, deployed service members).

Circumstances can change, however, and the individuals to whom you originally assigned powers of attorney may not be the right choice anymore. Estrangements, death, long-distance moves and their own incapacity, may prevent them from serving your needs. Periodically reviewing and updating your powers of attorney ensures you will be always be protected.

How to update powers of attorney

Updating your powers of attorney is as simple as calling James Bart Leonardi, LLC and setting up an appointment. As a highly experienced estate planning attorney, Bart Leonardi can review your existing estate planning documents, identify any issues or concerns, revoke your old powers of attorney and update the document according to your wishes. Depending on what you’d like to accomplish, you may need to update wills, trusts and other estate planning documents at the same time.

When to make changes to your powers of attorney

  • Major life changes: Marriage, divorce and death are three common, life-changing events which may require changes to your powers of attorney. Additionally, as your children become adults, you may want to grant them power of attorney. This is common when there is no spouse or partner to take up the mantle. Remember, powers of attorney give the agent power over your finances and healthcare decisions: choose someone whom you trust implicitly, and change them whenever necessary.
  • Problems with your agent: Sometimes, even if you appoint a professional agent, circumstances can change. Professional agents, and agents with a personal relationship may prove untrustworthy, leave the business or become incapacitated themselves. In these situations, updating your powers of attorney is a wise decision.
  • When you want to expand or limit powers: Finally, you can update your powers of attorney whenever you’d like to expand or limit the authority granted. There are many reasons a person may opt to do so—it’s only limited by the law and your own discretion.

If you’d like to update or create powers of attorney, James Bart Leonardi, LLC is ready to assist. We offer experienced estate planning assistance for every stage of life. Call today to schedule a consultation.

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