Recently, I saw a Financial Power of Attorney (one page only) and a Health Care Power of Attorney that had an expiration date. Lady is 90 yrs old and in good mental health however in 5 yrs when the HCPOA expires she might not be. What happens then? More than likely a Guardianship will be needed and the family will have to pay over $10,000 in attorney fees, court costs and other expenses.
Why would any attorney put an expiration date when the client could be unable to sign a new one sooner than later?
It could be they went to an attorney that does not understand Elder Care or believes the document should have an expiration date.
When getting your documents in place (Estate Planning) it is a good idea to go to the correct attorney. If you are young and have minor children then an Estate Planning attorney will be good. But if you are at retirement age you might want to consider meeting with an attorney knowledgeable in the Elder Care area. Planning for the unforeseen future will save you time, money and trouble.
Power of Attorney documents need to be more than one page to cover all of the areas that may come up such as: gifting, creating Trusts of any kind, include language that will allow the bank, life insurance or brokerage firms to work with you.
Be diligent and aware when getting your legal affairs in order.
Sunday, March 30, 2014
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